Iran chaos drives oil to a three-month excessive as Trump tells protestors to ‘take over your establishments’

The price of oil surged to a three-month high as Donald Trump ramped up pressure on Iran’s leaders and told those protesting against the Islamic Republic: ‘Help is on its way’.

Brent crude rose nearly 3 per cent to as high as $65.92 a barrel – the highest level since October – having been trading below $60 last week.

The rally was given renewed momentum when the US President called off meetings with Iranian officials and told ‘patriots’ in the country to ‘keep protesting’ and to ‘take over your institutions’.

Iran is one of the top oil producers in the Organisation of Petroleum Exporting Countries, and the prospect of disruptions to exports has overshadowed hopes of increased supply from Venezuela following the removal of president Nicolas Maduro.

Iran is the world’s third-largest producer of natural gas and prices in Europe have also soared in recent days.

Trump has already said any country that does business with Iran will be hit with 25 per cent tariffs when importing into the US – potentially hitting demand for Iranian oil in China and India.

Brent crude rose nearly 3% to as high as $65.92 a barrel – the highest level since October – having been trading below $60 last week