US EditionThe Memo: Trump Steps Away From the Precipice on Greenland
Trump stepped back from Greenland tariff threats and ruled out force, reducing trade war risks and supporting global oil prices, which rose following the announcement.
- On Thursday, oil prices edged up after U.S. President Donald Trump withdrew tariff threats over Greenland, with Brent at $65.34 and West Texas Intermediate at $60.76.
- The dispute over Greenland risked a rupture in transatlantic relations, and Mingyu Gao suggested an agreement could reduce U.S.-Europe trade risks.
- API data for the week to January 16 showed crude stocks rose by 3.04 million barrels, gasoline inventories climbed by 6.21 million, and Kazakhstan's halt at Tengiz and Korolev pushed contracts up over 1.5% Tuesday.
- On Wednesday, Trump said he hoped no further U.S. military action in Iran, but `At the same time, the U.S. has not ruled out possible military involvement in Iran, which is also supporting oil prices` Gao said.
- Against this backdrop, Tony Sycamore, analyst with online broker IG, said prices should hold around the $60.76 level given the Greenland framework and restrained U.S. policy on Iran.
22 Articles
22 Articles
Global Markets Rebound as Trump Retreats on Greenland and Tariff Threats
Global financial markets had been on edge following a series of confrontational statements by U.S. President Donald Trump, including renewed tariff threats against European economies and ambiguous remarks suggesting the possible seizure of Greenland. These comments unsettled investors because they implied tension within NATO and raised fears of an escalation between the United States and […] The post Global Markets Rebound as Trump Retreats on G…
Crude oil futures gain as Trump backs away from European tariff threat over Greenland
Oil Market Report says that the world oil supply is now projected to rise by 2.5 million barrels a day this year to 108.7 million barrels a day, following an increase of 3 million barrels a day in 2025
The Memo: Trump steps away from the precipice on Greenland
President Trump on Wednesday took two steps away from the precipice he had previously marched toward in the Greenland crisis. First, in a speech at the World Economic Forum in Davos, Switzerland, Trump ruled out the use of military force to seize the massive but sparsely populated, semiautonomous territory. Later, he halted the tariffs he…
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