Oil prices narrowed their declines, but still remained under pressure due to easing trade risks and supply concerns.

Oil prices narrowed their morning losses, with traders closely monitoring the escalating standoff in Greenland. Brent crude fell 0.3% to $63.94 per barrel, while WTI dropped 0.2% to $59.30 per barrel, after both benchmarks had earlier fallen by about 1% during trading. Market sentiment remained under pressure as US President Trump threatened to impose a 10% tariff on some European countries starting from February 1, reigniting concerns that a new round of trade disputes could drag down global demand. Christopher Tahir of Exness said, "Additional tariffs could weigh on global growth expectations and weaken confidence in the outlook for oil demand." Meanwhile, recent easing concerns over Iranian supply helped to lower prices, with reports indicating that US actions in the region have been put on hold, reducing expectations of an immediate supply disruption.