What Trump's Decision on the Iran Nuclear Deal Means for Your Wallet
*By Mike Teich*
President Trump pulled the United States out of the Iran nuclear deal Tuesday, abandoning the Obama administration's signature foreign policy accomplishment almost three years after it was agreed.
The oil market had already accounted for the likelihood Trump would abandon the deal, but volatility in oil prices could be affected by the tone of the president's statement, and the degree of the sanctions he imposes, said Patrick DeHaan, the head of petroleum analysis at GasBuddy.
"The more fiery the response from President Trump, the more oil prices could eventually rally," said DeHaan in an interview Tuesday with Cheddar.
A spike in oil prices might cause discretionary spending to drop, he said, adding that every penny the average price of oil rises, it takes $4 million a day away from the economy. While the initial increase in prices may make summer road trips a little more expensive for travelers, DeHaan doesn't anticipate a major impact on consumer spending until we hit a a more "psychological barrier" of $3 a gallon.
For the full interview, [click here](https://cheddar.com/videos/how-trumps-decision-to-withdraw-from-iran-nuclear-deal-affects-your-wallet).
Palestinians living in the heart of Gaza’s largest city said Wednesday they could see and hear Israeli ground forces closing in from multiple directions, accelerating the exodus of thousands of civilians as food and water become scarce and urban fighting between Israel and Hamas heats up.
Ivanka Trump began testifying Wednesday in the civil fraud trial that is publicly probing the Trump family business, making an appearance she tried to prevent.
Wednesday night is the third Republican presidential primary debate with five candidates set to take the stage. Columnist and political analyst Jonathan Harris spoke with Cheddar News to explain what to expect from a reduced field of candidates, what topics are on tap to discuss and which candidates have the momentum.
Treasury Secretary Janet Yellen is accusing the GOP of playing politics with IRS funding with a new round of budget cuts in a recent aid bill that would slash $14 billion from the agency in order to fund aid to Israel.
Democratic Kentucky Gov. Andy Beshear and Republican Mississippi Gov. Tate Reeves won reelection on Tuesday, while Ohio voters approved a constitutional amendment guaranteeing the right to an abortion and other forms of reproductive health care. In Virginia, Democrats swept legislative elections in a blow to GOP Gov. Glenn Youngkin.
