As Trump Gets Tough on Iran, Oil Prices Rise

Oil is poised for new gains in the week ahead as traders anticipate the impact of renewed U.S. sanctions on Iran.

President Trump's withdrawal from an internationally drafted and adopted Iran nuclear deal has helped pushed oil futures past $71 -- the highest levels since 2014.

Supply concerns have lifted oil prices.

Oil expert Karr, petroleum economist for the Texas Alliance of Energy Producers, thinks the price spike from the Iran deal pullout will be temporary, though, even for West Texas Intermediate.

The demand for oil, however, will remain, and supply will remain tight, Ingham tells Newsradio 740 KTRH.

Match that with the seasonal increase in demand, and that's why Ingham sees the reasons some forecasters are adjusting their oil price forecasts upward.

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