Trump Secures Control Over Venezuela's Oil Reserves in Historic Deal

US President Donald Trump has announced an oil agreement with Venezuela that could give the US majority control over more than 65 billion barrels of proven Venezuelan oil reserves.

The deal is a partnership between private companies, negotiated with the involvement of Secretary of State Marco Rubio and Defence Secretary Pete Hegseth. It's part of Trump's broader push to gain control over Iran's oil supplies and key shipping routes, including the Strait of Hormuz.

Some Venezuelan oil would go toward refilling the US Strategic Petroleum Reserve, while some could be used by the US military. The deal gives Washington greater access to Venezuelan crude as global energy markets face geopolitical tensions and shipping disruptions.