Trump announces Venezuela oil deal amid high gas prices, 6 months into Iran war

The United States has announced a significant oil deal with Venezuela, aiming to secure oil supplies at cost. This move comes at a time when gas prices remain high, six months after the commencement of the Iran war.

An official revealed that the agreement permits the U.S. to buy oil at its production cost from a company specifically formed to access Venezuela's substantial oil reserves. This development follows Caracas' decision to open its oil sector to investors after the U.S. imposed sanctions on President Maduro.

The deal's timing, amidst ongoing geopolitical tensions and economic pressures related to fuel costs, suggests a strategic effort to stabilize energy markets. The specifics of the firm involved and the exact terms of the 'at cost' purchase are central to understanding the potential impact of this agreement on both domestic and international oil prices.

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deal would let US buy oil at cost from firm formed to tap South American country's vast reserves, which Caracas opened to investors after Washington captured Maduro