Oil prices rose on Tuesday, supported by a combination of supply disruptions from Kazakhstan, improved global economic growth projections, and a weakening US dollar, making dollar-denominated oil cheaper for foreign buyers.

Brent rose to around $64.43 per barrel, while WTI strengthened to around $60 per barrel. However, market participants remained cautious as geopolitical developments particularly regarding Greenland have the potential to trigger renewed trade tensions between the US and Europe.

On the supply side, Tengizchevroil (TCO) halted production at its Tengiz and Korolevskoye fields following power outages triggered by a fire at the generating facility. Sources estimated the shutdown could last for 7 – 10 days, and some CPC Blend export cargoes were reportedly affected.

Demand sentiment was also supported by Chinese data. China's economy reportedly grew 5.0% in 2025, while refinery throughput and crude oil production also increased, signaling continued robust energy activity in the world's largest oil importer.

However, market focus remains on trade policy risks. US President Donald Trump has again threatened additional tariffs against several European countries if no agreement is reached regarding Greenland. From the European side, European Commission President Ursula von der Leyen said the EU is preparing a support package for Arctic security and considers the tariff threat a misstep. (arl) [sma]

Source : Newsmaker.id