Global oil prices jump 3% as Trump cancels talks with Iran and urges protests
- Input
- 2026-01-14 02:53:58
- Updated
- 2026-01-14 02:53:58
International oil prices jumped on the 13th (local time).
Donald Trump, President of the United States of America, canceled scheduled talks with the Iranian side and encouraged the protesters by saying the United States might soon support them, heightening concerns that political instability in Iran could disrupt oil supplies.
March futures for Brent Crude Oil, the global benchmark, soared by 1.99 dollars, or 3.12%, to 65.86 dollars per barrel in morning trading.
February futures for West Texas Intermediate crude oil (WTI), the U.S. benchmark, also jumped 1.96 dollars, or 3.29%, to 61.46 dollars per barrel.
The rally in oil prices later eased somewhat, narrowing to around a 2.6% gain.
Brent Crude Oil ended the session up 1.60 dollars, or 2.51%, at 65.47 dollars per barrel, while WTI settled 1.65 dollars higher, or 2.77%, at 61.15 dollars per barrel.
According to Consumer News and Business Channel (CNBC), President Trump on this day voiced support for the Iranian protesters, suggesting that the United States might soon step in to help.
Trump again stressed that if the Iranian authorities kill protesters, the United States could intervene.
In a post on his social media platform Truth Social, he wrote, “Iranian patriots, keep protesting and overthrow your regime!!!” urging on the Iranian demonstrators.
He went on to say, “Keep the names of the killers and abusers; they will pay a heavy price,” adding, “I have canceled all meetings with Iranian officials. I will not meet them until they stop their senseless killing of protesters.”
He concluded his message to the Iranian protesters by saying, “Help is coming soon. Make Iran Great Again (MIGA)!!!” MIGA is a play on Make America Great Again (MAGA) and appears to stand for “Make Iran Great Again.”
Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC) and a major oil producer. Political instability in Iran raises the risk of disruptions to oil supplies.
dympna@fnnews.com Song Kyung-jae Reporter