4 days ago
Trump Announces US Control of Venezuela’s Vast Oil Reserves
Donald Trump said the United States made a major oil agreement with Venezuela.
He said the agreement gives American businesses majority control of more than 65 billion barrels of proven oil reserves.
Trump said Marco Rubio and Pete Hegseth helped negotiate it with Venezuela’s interim president, Delcy Rodriguez.
He also said American taxpayers would not pay for the deal.
At the same time, Iran and the United States disagreed about whether ships can safely travel through the Strait of Hormuz.
Iran’s Revolutionary Guard said it controls the waterway, while the White House said it is safe and free of mines.
Iranian leaders also urged people to remain united.
Another official warned that the Gaza ceasefire could fail if a peace plan is not followed.
Donald Trump said the United States secured majority control of more than 65 billion barrels of Venezuela’s proven oil reserves.
Trump credited Marco Rubio and Pete Hegseth with negotiating the agreement with interim Venezuelan President Delcy Rodriguez.
Trump said the deal was made through a private-business partnership and would cost American taxpayers nothing.
Iran’s Islamic Revolutionary Guard Corps and the White House gave conflicting accounts of whether the Strait of Hormuz is safe and fully de-mined.
Officials warned that the Gaza ceasefire remains fragile, while Iran’s leadership called for national unity and caution.
- Who
- US President Donald Trump, Secretary of State Marco Rubio, Secretary of War Pete Hegseth, interim Venezuelan President Delcy Rodriguez, Iranian officials, and Gaza ceasefire officials.
- What
- Trump announced an agreement giving the United States majority control of more than 65 billion barrels of Venezuela’s proven oil reserves, alongside disputes over the Strait of Hormuz and warnings about the Gaza ceasefire.
- Where
- Venezuela, the Strait of Hormuz, Iran, and Gaza.
- When
- Friday, August 29, 2026; the live update was posted at 4:44 AM IST.
- Why
- Trump said the oil agreement was reached through a private-business partnership at no cost to American taxpayers; other updates concerned maritime safety, regional tensions, and preserving the Gaza ceasefire.
White House Position
Iranian Position
Strait of Hormuz safety and control
White House Position
The White House said the Strait of Hormuz is fully de-mined and safe for transit, while saying no talks with Iran are taking place or scheduled.
Iranian Position
Iran’s Islamic Revolutionary Guard Corps said it has decisive control of the Strait of Hormuz and accused US officials of misrepresenting the waterway’s status to influence energy prices.
Key facts
- Announced agreement
- The United States entered an oil agreement with Venezuela, according to Trump.
- Oil reserves
- More than 65 billion barrels of proven Venezuelan oil reserves were cited.
- US control
- Trump said the agreement provides majority US control of the reserves.
- Negotiators
- Trump credited Marco Rubio and Pete Hegseth with negotiating the arrangement.
- Venezuelan counterpart
- Interim President Delcy Rodriguez was identified as the Venezuelan partner.
- Taxpayer cost
- Trump said the agreement would come at no cost to American taxpayers.
- Hormuz dispute
- Iran’s Islamic Revolutionary Guard Corps said it controls the Strait of Hormuz, while the White House said it is fully de-mined and safe for transit.
Quotes
Donald Trump
US president who announced the reported Venezuela oil agreement on Truth Social
“At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority US control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer.”
indianexpress.com
Sources
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