Oil prices rose yesterday following the temporary suspension of output at Kazakhstan’s oil fields and expectations of firmer global economic growth that could drive fuel demand, even as investors continued to monitor U.S. President Donald Trump’s tariff threats against European states that oppose his push to acquire Greenland.

Brent crude gained 98 cents, or 1.53 per cent, to $64.92 a barrel while U.S. West Texas Intermediate (WTI) crude was up $1.11, or 1.87 per cent, at $60.55.

Kazakh oil producer Tengizchevroil, led by Chevron (CVX.N), had on Monday announced a temporary halt to production at the Tengiz and Korolev oilfields after an issue affected power distribution systems. The field could be halted for another seven to 10 days, cutting crude exports via the Caspian Pipeline Consortium.

“Tengiz is amongst the largest fields in the world and so the outage is certainly disruptive for crude flows. But this disruption does look to be temporary and so if the tariffs rhetoric continues, we expect prices to fall back,” the Director of Energy and Refining at ICIS, Ajay Parmar, said.

The oil market also drew support from better-than-expected fourth-quarter Chinese gross ⁠domestic product data released on Monday, said IG market analyst, Tony Sycamore.

“This resilience in the world’s top oil importer provided a lift to demand sentiment,” he said.

China’s economy grew by five per cent last year and the country’s refinery throughput in 2025 climbed 4.1 per cent on a year-over-year basis, data showed on Monday. China’s crude oil output also grew 1.5 per cent.

Prices also gained on an upward revision of this year’s global economic growth estimate by the International Monetary Fund (IMF) as well as stronger diesel prices, said PVM analyst Tamas Varga.

A sliding dollar has also supported prices, as a weaker U.S. currency could boost oil demand by ⁠making dollar-denominated purchases cheaper.

Fears of a renewed trade war escalated over the weekend after Trump said he would impose additional 10 per cent levies from February 1 on goods imported from EU members Denmark, Finland, France, Germany, Sweden and the Netherlands, as well as Britain and Norway, rising to 25 per cent on June 1 if no deal on Greenland was reached.

Trump’s tariff threats have a negative bearing on crude prices as the tariffs could lead to lower global economic growth and therefore lower oil demand growth, said Parmar of ICIS.

European Commission President Ursula von der Leyen said yesterday that the bloc’s executive arm is working on a package to support Arctic security and that the tariffs are a mistake.