The European Parliament is considering putting on hold the European Union's implementation of the trade deal struck with the United States in protest over threats by U.S. President Donald Trump to seize Greenland, Reuters reported. The European Parliament has been debating legislative proposals to remove many of the EU's import duties on U.S. goods - the bulk of the trade deal with the U.S. - and to continue zero duties for U.S. lobsters, initially agreed with Trump in 2020. It was due to set its position in votes on January 26-27, which the MEPs said should now be postponed.

The U.S. Supreme Court declined on Monday to hear Citigroup's bid to avoid a lawsuit accusing the bank of causing ​more than $1 billion of losses by orchestrating a vast fraud at the bankrupt ‌Mexican oil and gas services company Oceanografia, Reuters reported. The justices turned away Citigroup's appeal of a lower court's May 2025 decision ‌to revive the decade-old lawsuit by more than 30 plaintiffs including Oceanografia bondholders, shipping companies and Netherlands-based Rabobank. By doing so, the Supreme Court let the lower court's decision stand.

The U.S. will put a 25% tariff on any country that does business with Iran, President Trump said on Monday, raising pressure on the Middle Eastern nation after days of protests against the government, the Wall Street Journal reported. “Effective immediately, any Country doing business with the Islamic Republic of Iran will pay a Tariff of 25% on any and all business being done with the United States of America,” Trump posted on Truth Social.

As U.S. President Donald Trump moves quickly to put together a $100 billion effort to revive Venezuela's oil industry, the administration has yet to finalize the fate of the crown jewel of the country's foreign assets, U.S. refining company Citgo Petroleum, Reuters reported. Houston-based ​Citgo has been tied up in the lengthy auction of its parent, PDV Holding, organized by a Delaware court to pay billions of dollars to creditors for ‌debt defaults and expropriations in Venezuela.

Western oil companies have been fighting to recoup tens of billions of dollars that they say Venezuela owes them — debts that could play a prominent role in efforts by President Trump to compel U.S. businesses to produce more oil in the country, the New York Times reported. Exxon Mobil and ConocoPhillips top the list of oil companies with big financial claims against Venezuela, whose president, Nicolás Maduro, was captured by U.S. forces over the weekend in Caracas.

Company executives, customs brokers and trade lawyers are bracing for a Supreme Court ruling on the legality of President Donald Trump's sweeping global tariffs - and a potential fight over obtaining perhaps $150 billion in refunds from the U.S. government for duties already paid by importers if he loses, Reuters reported.

The Trump administration plans to control future sales of Venezuelan oil and hold the proceeds in U.S. accounts, Energy Secretary Chris Wright said, making the clearest statement yet on Washington’s strategy to bring the impoverished nation’s crude to market and control its most valuable resource, Bloomberg News reported. Wright, who spoke at a Goldman Sachs Group Inc. conference in Miami Wednesday, said initially the barrels would come from crude Venezuela is holding in storage, which has been filling up amid the U.S. blockade and threatening to force some production off line.

For activist hedge fund Elliott Investment Management, Nicolás Maduro’s swift exit comes at an auspicious time, the Wall Street Journal reported. A U.S. judge in November backed a roughly $6 billion bid by Elliott for Citgo Petroleum, the refining firm owned by Venezuela’s state-run company Petróleos de Venezuela, known as PdVSA, in a forced sale to satisfy creditors. Citgo, based in Houston, owns a U.S. network of refineries, pipelines and terminals that some analysts have said could be worth between $11 billion and $13 billion. The deal was controversial in Venezuela.

An American oil and gas giant is preparing to mothball one of Britain’s last remaining oil refineries after buying the business out of administration, The Telegraph reported. The Lindsey oil refinery in Lincolnshire, one of the last five major oil refineries in the country, will not restart standalone operations after it was sold to Phillips 66 on Monday. The Texas-based oil and gas giant said that the site’s limited size meant it was “not viable in current form”, instead claiming it would integrate some smaller parts of the site into its nearby Humber refinery.

President Donald Trump signed a New Year's Eve proclamation delaying increased tariffs on upholstered furniture, kitchen cabinets and vanities for a year, citing ongoing trade talks, the Associated Press reported. Trump's order signed Wednesday keeps in place a 25% tariff he imposed in September on those goods, but delays for another year a 30% tariff on upholstered furniture and 50% tariff on kitchen cabinets and vanities. The increases, which were set to take effect Jan.