Trump announced an oil deal with Venezuela, claiming it gave him "majority control" of over 65 billion barrels of reserves.

US President Trump announced a major oil deal with Venezuela at a time when the war between the US and Iran continues to put pressure on global crude oil supplies.

According to Xinhua News Agency , Trump posted on social media on the evening of the 28th that the United States and Venezuela had reached an oil-related agreement, under which the United States would gain "majority control" over Venezuela's proven oil reserves of more than 65 billion barrels .

Trump called the deal "the largest oil deal in world history" and emphasized that it was "zero cost" to American taxpayers.

He stated that the deal was negotiated by Secretary of State Marco Rubio, Secretary of Defense Pete Hegseth, and Venezuelan interim President Delcy Rodriguez, and that the U.S. also facilitated the outcome through "cooperative relationships" with several unnamed private companies.

Despite a 4% drop in WTI crude oil prices this week, marking its first weekly decline in nearly three weeks, oil prices have still risen by more than 24% since the start of the Iraq War.

War disrupts energy supplies, and the U.S. strategic petroleum reserve continues to run low.

This agreement comes against the backdrop of multiple pressures facing the US energy supply.

The Iraq War has severely hampered crude oil transport through the Strait of Hormuz, which previously carried about 20% of the world's oil trade. The number of ships passing through the strait daily has plummeted from about 100 a year ago to just a handful.

Meanwhile, the U.S. strategic petroleum reserve continues to run low. Data from the U.S. Department of Energy earlier this month showed that the strategic reserve has fallen below 300 million barrels, a decrease of more than 100 million barrels since the beginning of 2026, reaching its lowest level since the 1980s.

Trump stated that gaining control of the 65 billion barrels of oil reserves would more than double the size of the U.S. oil reserves.

On the retail side, according to data from the American Automobile Association (AAA), the average retail price of regular gasoline in the United States rose to about $4.09 per gallon on the 28th, an increase of 27% year-on-year.

With the midterm elections approaching, Trump faces pressing political pressure to lower energy prices, a move that will determine whether the Republican Party can maintain full control of Washington. Trump has stated that the Venezuela deal should help lower oil prices.

Risk warning and disclaimerInvesting involves risk; please exercise caution. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Any investment decisions made based on this information are at your own risk.