Iranians gather while blocking a street during a protest in Tehran, Iran on January 9, 2026.
Mahsa | Afp | Getty Images
Crude oil prices rose about 3% on Tuesday, after U.S. President Donald Trump cancelled all meetings with Iranian officials and promised protesters that help is on the way.
U.S. crude oil rose $1.96, or 3.29%, to $61.46 per barrel by 11:42 a.m. ET. Global benchmark Brent was up $1.99, or 3.12%, to $65.86 per barrel.
The Islamic Republic’s security forces have cracked down on large-scale demonstrations with hundreds of people reportedly dead. The government has cut off Internet access in Iran, making it difficult to verify how the situation is evolving on the ground.
Trump has repeatedly threatened to intervene if the Islamic Republic kills protestors.
“Iranian Patriots, KEEP PROTESTING – TAKE OVER YOUR INSTITUTIONS!!! Save the names of the killers and abusers,” Trump said in a Truth Social post Tuesday.
“They will pay a big price,” the president said. “I have cancelled all meetings with Iranian Officials until the senseless killing of protesters STOPS. HELP IS ON ITS WAY. MIGA!!!”
Iran is a member of OPEC and a major crude oil producer. The oil market is monitoring whether the unrest could lead to a disruption of oil supplies.