The United States has struck a deal with Venezuela to gain majority control of more than 65 billion barrels of oil reserves amid the war with Iran that has roiled global crude trade. President Trump called it “THE BIGGEST OIL DEAL IN WORLD HISTORY” and said it would come at no cost to U.S. taxpayers. The agreement would more than double U.S. oil reserves, following the January U.S. attack during which Venezuelan President Nicolás Maduro and his wife Cilia Flores were captured. The average price of gas in the U.S. reached around $4.09 per gallon, up 27% year over year, while the conflict with Iran has severely disrupted transit through the Strait of Hormuz, which normally sees around 100 ships crossing daily.
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