Gas prices soar in US amid renewed sanctions against Iran, experts say

President Trump announces walking away from Iran nuclear deal

ORLANDO, Fla. – Americans are seeing a rise in gas prices amid President Donald Trump's decision to pull out of the Iran nuclear deal this week.

The president's decision to renew sanctions against Iran, a major oil producer, could land on the shoulders of American drivers. The sanctions would mean a cutback in production, leading to a rise in oil barrel prices.

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This week, the price of a barrel swung to $70. Experts said they believe the cost will hover around $65.

Iran is the world's fifth-largest oil producer, so when changes happen in oil production, they're felt directly in the wallets of American people.

Tito Ramirez said the shift in prices will hurt his commercial cleaning business.

“That's going to be a lot of money. That's going to mean we spend $3,000 to 4,000 more a year," Ramirez said.

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The rise in barrel prices would mean that gas prices would jump to more than $3 per gallon over the summer. In 2014, gas prices topped $3.50.

Analysts said Saudi Arabia could relieve the rise in prices if it increases oil production.