Iranians block a road and gather during a protest in Tehran, Iran, January 9, 2026.
Masa | AFP | Getty Images
Oil prices rose more than 2% on Tuesday after US President Donald Trump canceled all talks with Iranian officials and assured protesters that help was on the way.
usa crude oil Crude oil prices rose $1.65, or 2.77%, to close at $61.15 per barrel. global benchmark brent It rose $1.60 (2.51%) to settle at $65.47 per barrel.
The Islamic Republic’s security forces have reportedly cracked down on large demonstrations, leaving hundreds of people dead. The government has cut off internet access within Iran, making it difficult to check how the situation is progressing on the ground.
President Trump has repeatedly threatened to intervene if the Islamic Republic kills protesters.
“Iranian patriots, keep protesting – take over our institutions!!! Leave the names of the murderers and abusers behind,” President Trump said in a post on Truth Social on Tuesday.
“They will pay a heavy price,” the president said. “I have canceled all meetings with Iranian officials until the senseless killings of protesters stop. Help is on the way. MIGA!!!”
Iran is a member of OPEC and a major oil producer. Oil markets are monitoring whether the disruption could lead to supply disruptions.
