Trump says U.S. may keep Iranian oil 'like Venezuela' as Gulf-Iran Hormuz talks stall

• Trump cited a Venezuela deal from August granting the U.S. access to oil reserves in exchange for $209 billion to Venezuela's treasury, claiming revenue 'paid for the war many times'
• A planned meeting in Oman between Gulf countries and Iran to discuss Strait of Hormuz agreements was postponed, with the waterway remaining under Iranian and U.S. naval blockades since February
• Oil prices surged with U.S. crude futures up 2.3% to $102.39 per barrel and Brent crude up 2.4% to $107.11 following damage to Saudi facilities from Iraqi drones

Summary

President Trump stated the U.S. may seize control of Iranian oil assets, similar to a deal struck with Venezuela in August where Washington gained access to Venezuela's oil reserves in exchange for $209 billion to the country's treasury. Trump claims the Venezuela arrangement has "paid for the war many times" and expects the seven-month Iran conflict to conclude in 2026, possibly after November midterm elections.

Critical diplomatic talks in Oman between Gulf nations and Iran regarding the Strait of Hormuz have been postponed indefinitely, with officials citing lack of "consensus." The meeting was expected to establish an Iran-Oman shipping route through the strategic waterway, which handles vital global oil and gas flows.

The Strait of Hormuz has been under Iranian and U.S. naval blockade since the war began in February, keeping energy prices elevated. Both sides regularly exchange attacks, with Iran targeting non-compliant vessels and the U.S. conducting periodic bombing of the Iranian coastline. Additional pressure comes from Tehran-allied groups controlling the Bab el-Mandeb waterway following recent offensives.

Market Impact:

Oil prices surged Monday after Saudi Arabia suspended operations following Iraqi drone damage. U.S. crude futures rose 2.3% to $102.39 per barrel, while Brent crude climbed 2.4% to $107.11 per barrel—marking the first time prices exceeded $100 since May. Trump suggested gasoline prices would "drop like a rock" once the conflict ends, though Tehran has dismissed his claims of peace negotiations.

The stalled diplomacy and ongoing blockades signal continued volatility in energy markets, with no immediate resolution in sight despite Trump's optimistic timeline.