The recent increase in gasoline prices may be partly due to a potential strike in Nigeria, but Iran remains a factor, said Addison Armstrong of TFS Energy on "Power Lunch."
"Nigeria certainly is front and center, but Iran is never far from oil traders' minds," Armstrong said. Since 40% of the world's oil flows through the waters near Iran, the country remains key to world oil prices.
Though John Kilduff of Man Financial still believes that Nigeria is "terribly significant." He also attributed high gasoline prices to hurricane season, which began June 1st, and tight gasoline supply due to inefficient refiners.