Donald Trump said the US has secured majority control of more than 65 billion barrels of Venezuelan oil. In a post on Truth Social on Friday, Trump said the US has reached “THE BIGGEST OIL DEAL IN WORLD HISTORY” with interim Venezuelan President Delcy Rodríguez and private companies, and that the agreement would come “at
The US has reached a deal with Venezuela to control more than 65 billion barrels of its proven oil reserves, President Donald Trump announced. “This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans,” Trump posted on social media. Venezuela’s interim President,
The Iran war exposed just how much the world relied on a narrow 20-mile-wide waterway. Soon after the U.S. launched strikes on Iran, the latter threatened to strike ships trying to traverse the Strait of Hormuz, the channel for much of the Middle East’s oil and gas exports. The threat of shortages pushed countries across
The Trump administration is bringing back a centuries-old legal tradition that would allow it to more easily seize Iranian oil tankers and sell off their assets. Aaron Reitz, who is the U.S. Attorney in the Houston-based Southern District of Texas, confirmed to Fortune the revival of prize law, or a set of rules allowing for
By 7:15 a.m. Eastern Time, oil had reached $89.68 per barrel, measured using the Brent benchmark. That’s $2.27 more than it cost yesterday morning and about $21.90 above its price a year earlier. Oil price per barrel % Change Price of oil yesterday $87.41 +2.59% Price of oil 1 month ago $92.90 -3.46% Price of
Welcome to this week’s Fortune Gulf Brief. Regular readers might notice a different author byline today, that’s because Melissa is taking a well-earned break although, knowing journalists, probably with one eye on her phone and what’s happening in the Gulf. Ordinary service resumes next week. Until then, I’m Inzamam Rashid, international journalist and broadcaster based