Crude oil prices surged nearly 3 per cent on Tuesday following United States President Donald Trump’s cancellation of all meetings with Iranian officials and his assurance that help is on the way for protesters.

U.S. crude rose $1.96, or 3.29 per cent, reaching $61.46 per barrel by 11:42 a.m. ET, while Brent crude gained $1.99, or 3.12 per cent, to $65.86 per barrel.

Meanwhile, Iran’s security forces have violently suppressed widespread demonstrations, with reports of hundreds of deaths.

Internet restrictions have been imposed, making it difficult to independently verify events on the ground.

Trump has repeatedly warned that the U.S. may intervene if Iran’s government kills protesters.

“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, a key OPEC member and major crude oil producer, is under close watch by global markets amid unrest, as traders assess the risk of potential disruptions to oil supplies.