Trump Floats Taking Control of Iranian Oil Reserves Like Venezuela
US President Donald Trump has suggested that the US could continue its war against Iran and even take control of its oil reserves, drawing parallels with Venezuela. Speaking at the Irish Open golf championship in Ireland, Trump stated, 'We'll ultimately get out of the war, unless we decide to stay and keep the oil like Venezuela.'
He added that revenue from the US-Venezuela oil agreement has paid for the war 'many times over'. The US has access to nearly a fifth of Venezuela's oil reserve, approximately 65 billion barrels, which is more than double its own oil reserves. In exchange, the US will pay $209 billion to Venezuela's state treasury.
Crude oil prices have surged above $107 per barrel due to ongoing tensions in the region, including Houthi advances towards the Bab el-Mandeb strait and Saudi Arabia's closure of its East-West pipeline. The talks between Iran, Oman, and other Gulf countries to discuss possible agreements over the Strait of Hormuz were cancelled after countries like Bahrain and Saudi Arabia expressed their apprehension.