Brent crude oil futures slipped below $64 per barrel on Monday after recording a fourth weekly gain, as cooling tensions in Iran alleviated concerns over potential supply disruptions. Market anxiety surrounding Iran calmed after President Donald Trump signaled last week that he may delay any military action, following Iran’s pledge not to execute protesters. However, Trump warned that strong measures could still be taken if executions resume, keeping some geopolitical risk premium in the market. Meanwhile, traders are assessing the potential impact of renewed trade tensions on energy demand. Trump announced on Saturday a 10% tariff on goods from eight European countries starting February 1, which could rise to 25% by June unless a deal is reached on the “purchase of Greenland.” Expectations of a global supply surplus also continued to weigh on prices. Still, supply constraints remain in certain regions, with Kazakh's exports facing troubles due to disruptions in the Black Sea.