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Iranians gather while blocking a street during a protest in Tehran, Iran on January 9, 2026.
Mahsa | Afp | Getty Images
Crude oil ratesrose more than 2% on Tuesday, after U.S. President Donald Trump canceled all meetings with Iranian officials and promised protesters that help is on the way.
U.S. crude oil rose $1.65, or 2.77%, to close at $61.15 per barrel. Global benchmark Brent gained $1.60, or 2.51%, to settle at $65.47 per barrel.
The Islamic Republic’s security forces have cracked down on large-scale demonstrations with hundreds of people reportedly dead. The administrationhas 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 statedin a Truth Social post Tuesday.
“They will pay a majorprice,” the leadersaid. “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 industryis monitoring whether the unrest could lead to a disruption of supplies.
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