Iran Remains Key Factor in Gasoline Prices: Analyst

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.

But if you think gasoline prices are high now, they will be higher once refiners fix their problems, according to Armstrong.

"They are going to be taking it [crude oil] out of storage, they're going to be buying it on the open market, and they're going to be making gasoline," he said. "That's when prices are really going to rock."

Nevertheless, Ira Eckstein, president of Area International Trading Corporation, said that crude oil looks "great."

"The market looks like it wants to be in the $70s, so we're probably going to see the early $70s pretty soon," said Ira Eckstein, president of Area International Trading Corporation. Crude oil is currently trading at $69 a barrel.