Oil rallies after Trump tells Iran protesters help is on the way
Iranians gather while blocking a street during a protest in Tehran, Iran on January 9, 2026.
Mahsa | Afp | Getty Images
Following U.S. President Donald Trump’s decision to cancel all meetings with Iranian officials and offer support to protesters, crude oil prices surged by over 2% on Tuesday.
U.S. crude oil rose by $1.65, or 2.77%, closing at $61.15 per barrel. Global benchmark Brent also saw an increase of $1.60, or 2.51%, settling at $65.47 per barrel.
Reports indicate that the Iranian government’s security forces have violently suppressed demonstrations, resulting in numerous casualties. The regime has resorted to cutting off Internet access to control the flow of information.
President Trump has expressed solidarity with the protesters, warning of consequences for the Iranian authorities responsible for the violence.
In a post on Truth Social, Trump urged the Iranian people to continue their protests and emphasized that help is on the way.
As Iran is a key member of OPEC and a significant oil producer, the global oil market remains vigilant for any potential disruptions in the supply chain due to the ongoing unrest.
