Trump Eyes US Control Over Iran Oil Amid Rising Tensions

US President Donald Trump has hinted at maintaining control over Iranian oil resources, drawing inspiration from an agreement reached with Venezuela in August. The deal grants a US-backed company access to over 65 billion barrels of proven reserves and requires significant investments in Venezuelan oil infrastructure.

The White House compared the Venezuelan agreement to the amount of oil reserves held on US soil, around 46 billion barrels. The arrangement allows for the Office of Strategic Capital within the US Department of War to hold a 35% stake in NABEP's parent company and grants the US Department of State a purchase right over 20% of current and future output.

Trump paired his statement with a promise to end the conflict between the United States, Israel, and Iran near-term. He also forecasted an impact on gasoline prices, which is yet to be seen given the ongoing disruptions in oil markets.