Oil prices rose on Tuesday, as investors closely watched US President’s threats to impose higher tariffs on European countries due to his desire to buy Greenland, and better-than-expected economic growth figures from China.
According to government data released on Monday, China’s refinery output increased by 4.1% year-on-year in 2025, while crude oil production rose by 1.5%. Both were at all-time highs.
Fears of a new trade war intensified over the weekend after the US President announced that he would impose an additional 10% tariff on goods imported from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland, and Britain, effective February 1. These tariffs are expected to rise to 25% on June 1 if a deal regarding Greenland cannot be reached.
