*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).
Lawyer Kenneth Chesebro pleaded guilty to a felony on Friday just as jury selection was getting underway in his trial on charges accusing him of participating in efforts to overturn Donald Trump’s loss in the 2020 election in Georgia.
Republicans dropped Rep. Jim Jordan on Friday as their nominee for House speaker, making the decision during a closed-door session after the hard-edged ally of Donald Trump failed badly on a third ballot for the gavel.
Canada has removed 41 of its diplomats from India as tensions rise between the two nations.
Mitt Romney said he believes right-wing media is the reason for the radicalization of the GOP party.
An Army private who fled to North Korea before being returned home to the United States last month has been detained by the U.S. military, two officials said Thursday night, and is facing charges including desertion and possessing sexual images of a child.
Israel bombarded Gaza early Friday, hitting areas in the south where Palestinians had been told to seek safety, and it began evacuating a sizable Israeli town in the north near the Lebanese border, the latest sign of a potential ground invasion of Gaza that could trigger regional turmoil.
The Justice Department has secured a $9 million settlement with Ameris Bank over allegations that it avoided underwriting mortgages in predominately Black and Latino communities in Jacksonville, Florida, and discouraged people there from getting home loans.
Israel pounded the Gaza Strip with airstrikes on Thursday, including in the south where Palestinians were told to take refuge, and the country's defense minister told ground troops to “be ready” to invade, though he didn’t say when.
Addressing the nation from the Oval Office, President Joe Biden has made his case for major U.S. backing of Ukraine and Israel in a time of war.
Federal Reserve Chair Jerome Powell said Thursday that inflation remains too high and that bringing it down to the Fed's target level will likely require a slower-growing economy and job market.
