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US to control Venezuela oil exports indefinitely under Trump plan

The US says it will control and sell Venezuelan oil indefinitely, holding revenues in American accounts as it pushes US energy companies to revive the country’s oil industry.

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Washington says proceeds from crude sales will be held in US accounts as American firms are encouraged to rebuild Venezuela’s oil sector

The United States will take control of Venezuela’s oil exports indefinitely and market the crude on global markets, holding the proceeds in US Treasury accounts, Energy Secretary Chris Wright said, outlining Washington’s clearest strategy yet for managing the South American nation’s most valuable resource.

Speaking at a conference in Miami on Wednesday, Wright said the plan would begin with crude currently stored in Venezuela, which has been piling up due to US restrictions and risks forcing production shutdowns.

“We’re going to get that crude moving again and sell it,” Wright said, adding that the US would continue selling Venezuelan oil production going forward.

The move comes as the Trump administration pushes for American energy companies to help rebuild Venezuela’s decaying oil infrastructure and revive output that has suffered after years of underinvestment, corruption and sanctions.

President Donald Trump said earlier this week that Venezuela would relinquish as much as 50 million barrels of oil for the US to sell, worth around $2.8 billion at current prices. The White House confirmed that Washington has already begun marketing Venezuelan crude.

According to officials, revenue from the oil sales will be placed in US Treasury accounts, shielding the funds from Venezuela’s creditors. The money will be used for the benefit of both the American and Venezuelan people.

“We’re not stealing anyone’s oil,” Wright said in a separate interview, stressing that the funds would remain in Venezuela’s name and eventually be brought back for public benefit.

Sanctions eased, compensation put on hold

As part of the strategy, the US is selectively rolling back sanctions on Venezuela’s oil sector. However, Wright said proceeds from early oil sales would not be used to compensate US companies such as Exxon Mobil and ConocoPhillips, whose assets were nationalised under former president Hugo Chávez. Compensation, he said, remains a long-term issue.

Venezuela’s state oil company confirmed it is negotiating with Washington over crude sales under a framework similar to its existing arrangement with Chevron, the only major US oil firm still operating in the country.

Meanwhile, US forces have seized two additional sanctioned oil tankers as the administration tightens control over Venezuelan crude exports. One vessel was intercepted in the Atlantic south of Iceland, while the other was seized in the Caribbean.

US firms urged to revive oil production

The Trump administration is urging companies including Chevron, ConocoPhillips and Exxon to help restore Venezuela’s oil infrastructure after the removal of former president Nicolás Maduro. Officials said discussions have already taken place, and Trump is expected to meet energy executives later this week. Secretary of State Marco Rubio may also attend.

Venezuela’s oil output has fallen to less than one million barrels per day. Wright estimated production could rise by several hundred thousand barrels per day in the short to medium term, though restoring the industry fully would require massive investment over many years.

Global oil prices slipped about 1.5 per cent on Wednesday, trading near $60 a barrel.

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India-bound tanker among 2 vessels seized by Iran’s Revolutionary Guards amid Hormuz tensions

Iran’s seizure of an India-bound tanker near the Strait of Hormuz signals rising maritime tensions and risks to global oil supply routes.

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Strait of Hormuz

Iran’s Islamic Revolutionary Guard Corps (IRGC) has seized two vessels near the strategically crucial Strait of Hormuz, with one of them reportedly bound for India, intensifying concerns over maritime security in the region.

The development comes amid escalating tensions linked to the ongoing confrontation involving Iran and the United States, which has already disrupted shipping routes and heightened risks for commercial vessels passing through the area.

According to reports, the vessels were intercepted by Iranian forces close to the Strait of Hormuz — a critical chokepoint through which a significant portion of the world’s oil supply transits. The move underscores growing instability in one of the busiest and most sensitive maritime corridors globally.

Separate reports indicate that multiple ships have faced attacks or interceptions in recent days, with at least two vessels taken into custody by Iranian authorities after being targeted near Iranian waters.

The incident follows a series of confrontations at sea, including gunfire and forced halts of commercial ships, as tensions remain high despite attempts at ceasefire arrangements.

The Strait of Hormuz has become a focal point of the broader conflict, with both military actions and retaliatory measures affecting shipping traffic. Any disruption in this region carries global implications, particularly for countries like India that depend heavily on energy imports passing through the route.

India has already been taking steps to safeguard its maritime interests, including enhanced monitoring and security measures for vessels navigating the region.

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Fresh tensions as Iran targets vessel despite ceasefire announcement

Iran fired at a vessel in the Strait of Hormuz shortly after a ceasefire announcement, raising concerns over regional stability.

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Attack on vessel highlights fragile situation in Strait of Hormuz despite renewed ceasefire push

Tensions in the Middle East escalated again after Iran opened fire on a commercial vessel in the Strait of Hormuz, just hours after US President Donald Trump announced a ceasefire extension.

According to maritime security officials, an Iranian Revolutionary Guard gunboat fired at a container ship early on April 22. The vessel was damaged in the incident, but no injuries or environmental damage were reported.

The attack comes amid already heightened tensions in the region, where the strategic Strait of Hormuz — a key global oil transit route — has seen severe disruptions in recent days.

Ceasefire efforts face immediate test

The firing incident occurred shortly after Trump signalled an extension of the ceasefire, reportedly aimed at creating space for renewed negotiations with Iran. However, the latest development has raised concerns about the durability of the truce.

Reports indicate that the Iranian action followed recent US military moves, including the seizure of vessels linked to Tehran and continued naval pressure in the region.

Shipping route remains volatile

The Strait of Hormuz remains a flashpoint, with shipping traffic significantly affected. In recent days, only a handful of vessels have been able to pass through the route, compared to normal volumes, leaving many ships stranded.

The waterway is critical for global energy supplies, handling a significant share of the world’s oil shipments. Any disruption has immediate implications for international markets.

No official response yet

Iran has not officially commented on the latest firing incident. Meanwhile, international observers and maritime agencies continue to monitor the situation closely, warning of risks to crew safety and global trade.

The latest escalation underscores the fragile nature of ongoing diplomatic efforts, with both sides yet to reach a stable agreement.

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Trump extends Iran ceasefire after Pakistan request, raises hopes for talks

The US extends its Iran ceasefire after Pakistan’s request, opening a window for diplomacy while tensions persist

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Donald Trump statement

The United States has extended its ceasefire with Iran, with former US President Donald Trump stating that the decision came after a request from Pakistan’s leadership. The move comes just hours before the truce was due to expire, offering a temporary pause in escalating tensions.

Trump said the extension is intended to provide Iran additional time to present a “unified proposal” for a broader peace agreement, signalling a shift towards diplomacy even as pressure on Tehran continues.

Pakistan steps in as mediator

Pakistan has played a key role in facilitating the ceasefire extension. Its leadership, including top civil and military figures, urged the US to delay further action and allow diplomatic efforts to continue.

The development positions Pakistan as an emerging mediator in the crisis, with efforts underway to encourage dialogue between Washington and Tehran. The country has also indicated willingness to support or host discussions aimed at de-escalation.

Pressure remains despite pause

Despite the extension of the ceasefire, the situation remains tense. The US has not rolled back its strategic posture in the region.

Military readiness continues, and restrictions such as the naval blockade linked to Iran remain in place. This indicates that while direct confrontation has been paused, broader pressure tactics are still active.

What Pakistan could gain

Pakistan’s involvement in the ceasefire process could bring several advantages.

First, it enhances the country’s global diplomatic standing by placing it at the centre of a major international issue. Acting as a mediator between two adversaries can improve its credibility on the world stage.

Second, stability in the region is directly beneficial for Pakistan’s economic interests, particularly given its reliance on energy supplies linked to the broader Middle East.

Finally, successful mediation could strengthen Pakistan’s strategic influence, giving it a more prominent role in future geopolitical developments.

Uncertain road ahead

While the ceasefire extension has reduced immediate risks, uncertainty remains over how the situation will evolve. Much will depend on whether Iran presents a proposal acceptable to the US and whether negotiations can move forward.

For now, the extension reflects a temporary shift away from confrontation, but the underlying tensions remain unresolved.

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