Oil prices held steady in Asian trading Monday after last week's volatility. Brent futures settled around $64.10 per barrel, while WTI trading was paused for a U.S. holiday. The market had swung on initial Iran supply risk worries, but those eased after President Trump ruled out immediate military action, leaving prices range-bound.

Attention has now shifted squarely to Trump's tariff threats against Europe over his push to acquire Greenland. He plans a 10% tariff on eight European nations, including France, Germany, and the U.K., rising to 25% by June if no deal is reached. This has sparked fears of a broader transatlantic trade war, with the EU reportedly preparing countermeasures.

Market analysts expect more volatility this week as global leaders gather in Davos. Broader macroeconomic signals, like potential U.S. interest rate cuts later this year, could also influence oil demand by easing financial conditions. Traders are weighing these geopolitical risks against fundamental supply and demand factors in the coming sessions.