Former U.S. President Donald Trump announced a significant oil agreement with Venezuela, but clarified it will not lead to an immediate decrease in gasoline prices. Venezuelan oil production remains constrained by U.S. sanctions, and retail gasoline prices in the U.S. stay elevated at around $4.08 per gallon as of late August 2026. The deal may increase future oil supply but is unlikely to ease current price pressures in the short term. Markets have priced in a reduced likelihood of crude oil reaching a new all-time high by September, currently at 2.3% YES.
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