Trump Comments On Possible U.S. Control Of Iranian Oil As Hormuz Talks Postponed
U.S. President Donald Trump stated that the United States could take control of Iran's oil, drawing a comparison to Washington’s recent agreement with Venezuela earlier this year. Under that deal, the U.S. gained access to over 65 billion barrels of Venezuelan oil reserves in exchange for $209 billion and additional private investment. Trump also mentioned expecting an end to the seven-month-long conflict with Iran by the end of the year, possibly after November's midterm elections. Meanwhile, diplomatic efforts regarding the Strait of Hormuz have stalled, as a planned meeting between Gulf countries and Iran in Oman was postponed due to the need for consensus among participants. The strait remains under blockade conditions since February’s war outbreak, contributing to elevated global energy prices. Recent tensions involving Houthi rebels further complicate regional stability. Oil prices rose past $100 per barrel again as Saudi Arabia closed a key pipeline following damage from Iraqi drones. U.S. West Texas Intermediate futures climbed 2.3% and Brent crude increased by 2.4%, reflecting ongoing market uncertainty.
