Oil prices jump on concerns Iranian exports could be disrupted

Oil prices surged by about three per cent on Tuesday as the prospect of disruptions to Iranian crude exports overshadowed possible increased supply from Venezuela.

Brent futures jumped $1.88, or 2.9 per cent, to $65.75 a barrel by 11:07 EST (16:07 GMT), hovering around a three-month high. US West Texas Intermediate crude climbed $1.79, or about three per cent, to $61.29.

"The oil market is building in some price protection against geopolitical drivers," said PVM Oil Associates analyst John Evans, highlighting the potential exclusion of Iran's exports, trouble around Venezuela, talks on the Russia-Ukraine war and over Greenland.

Iran, one of the top producers in the Organisation of the Petroleum Exporting Countries, is facing its biggest anti-government demonstrations in years.