Gasoline prices set to go higher after Trump's Iran proposal rejection. Here's how much they can rise

Gasoline prices are expected to rise above $5 a gallon following President Trump's rejection of Iran's war-ending proposal. Oil prices jumped, with West Texas Intermediate futures rising nearly 3% to $98 a barrel, while Brent crude futures advanced close to 3% to $104.27. Trump also announced plans to reduce the federal gasoline tax.