A sustained rise in the price of crude oil, which jumped sharply after Israel attacked Iran, could hurt consumers and President Trump’s efforts to bring down energy costs.

Oil prices rose to their highest in seven weeks on Wednesday as U.S. President Donald Trump said a deal had been done with China, heightening expectations of a de-escalation in trade tensions between the world's two largest economies.

US oil production is poised to rise this year and next as President Donald Trump pushes for more drilling. But as crude prices tumble, most of the growth will come from a surprising source: the Gulf of Mexico.

Oil prices leaped, and stocks slumped on worries that escalating violence following Israel’s attack on Iranian nuclear and military targets could damage the flow of crude around the world, along with the global economy.

Oil prices rose to a seven-week high on Wednesday as markets assessed the outcome of U.S.-China trade negotiations, while pessimism over U.S.-Iran nuclear talks also provided support. Brent crude futures were up 82 cents,