Dan Eberhart, CEO of oilfield services company Canary LLC, drew a direct connection: "Withdrawing from the Iran nuclear deal will support higher oil prices." Trump telegraphed the move, and oil prices shot up in recent weeks as traders anticipated it. Hours before Trump's announcement, federal government forecasters raised their estimate for 2018 oil prices by 10.5% to an average of $65.58 a barrel. Gasoline prices, which generally follow oil prices, have jumped to a national average of $2.81 a gallon, according to AAA. Related: Oil prices swing wildly after Iran newsNo one knows exactly how high prices will go.

Source: CNN May 08, 2018 21:11 UTC