Gas Prices Rise Ahead Of President Trump's Iran Decision

Tuesday, May 8th 2018, 4:34 am
By: News On 6

As President Trump prepares to announce a decision regarding the Iran deal, the uncertainty is causing a rise in oil prices.

The pending announcement has already led to another jump in the price of gasoline in the Tulsa area. The latest prices show many stations are at $2.54 a gallon.

The average price of gas in the U.S. is up 7-cents over the past two weeks.  That's the 10th straight week of increases.

The price for Bent crude oil is at the highest level since 2014, following concerns President Trump may back out of the nuclear deal with Iran.

Although the U.S. doesn't get oil directly from Iran, sanctions impact other industries like banks, shipping companies, refiners and insurance companies and that impacts oil prices around the globe.

Trump announced on Twitter Monday that he would making his decision on the U.S.' stance on the Iran nuclear deal 2 p.m. today at the White House. 

His decision comes just days before a May 12 deadline for the U.S. to formally decide if they are withdrawing from the Obama-era nuclear pact.