Oil prices held steady in early Asian trade as markets weighed President Donald Trump’s latest geopolitical threat to impose tariffs on European nations over Greenland. WTI futures sat at $59.29 a barrel, while Brent crude held near $63.96, showing little movement.

Trump’s comments sent financial markets into a cautious retreat, with investors flocking to safe-haven assets like gold. The prospect of new U.S. tariffs and possible military posturing added to existing global uncertainties, keeping commodity markets on edge.

Traders are also monitoring key supply indicators. The International Energy Agency is set to release its monthly report, with forecasts expected to point toward a potential supply surplus in 2026. Meanwhile, easing tensions in Iran have reduced risk premiums in crude pricing.

Market participants will scrutinize U.S. oil inventory data due this week for further direction. Any signs of weakening demand could pressure prices in an already fragile energy market.