Americans may get some relief at the gas pump in the next few weeks.
Investors expect oil prices to drop from a recent high of $110 back to around $100 a barrel, according to a new survey from CNBC.
"Fear and speculation" drove the gains in Brent crude last week to its highest level since July 2008," Jonathan Barratt, CEO of the commodities newsletter Barratt's Bulletin, said.
"We see the Middle Eastern premium being built in, plus speculators looking to actually take advantage of it," Barratt told CNBC Asia last week.
Though U.S. crude inventories continue to build, "we're not seeing that flowing through in terms of fundamentals really pushing the price," he explained.
Some energy experts say any drop in oil prices is likely to be temporary. They believe the long-term trend will see oil prices go up.
The price of oil rose from $96 last month over growing concern that Iran's nuclear program could spark an armed conflict and disrupt global crude supplies.
Analysts say Saudi Arabia and other oil producers do not have enough spare capacity to make up quickly for Iran's 4 million barrels a day of crude.