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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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Trump rejects Iran peace proposal, warns Tehran over uranium dispute

Donald Trump has rejected Iran’s latest response to a US peace proposal, escalating tensions over uranium enrichment, sanctions relief and control of the Strait of Hormuz.

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Donald Trump statement

US President Donald Trump has rejected Iran’s latest response to a US-backed peace proposal, calling Tehran’s position “totally unacceptable” as negotiations aimed at ending the ongoing conflict remain stalled.

According to reports, Iran responded to the American proposal by demanding war reparations, the removal of sanctions, recognition of its sovereignty over the Strait of Hormuz, and the release of frozen Iranian assets. Tehran also warned it would retaliate against any fresh US military strikes and oppose the deployment of additional foreign warships in the region.

The dispute has intensified over Iran’s nuclear programme, particularly uranium enrichment. The US proposal reportedly sought strict limits on Iran’s nuclear activities, including a long-term halt to uranium enrichment and tighter international oversight. However, Iran’s counter-response did not accept key American demands related to dismantling or restricting its nuclear infrastructure.

Iran has maintained that its nuclear programme is for civilian purposes, while the US and its allies continue to push for stronger safeguards amid concerns over regional security.

The latest exchange comes amid continuing tensions in the Strait of Hormuz, a strategically important shipping route for global oil supplies. Concerns over disruptions in the region have already pushed oil prices higher in international markets.

Reports also suggest that the US proposal aimed to expand the current ceasefire framework and create conditions for broader negotiations involving regional conflicts and maritime security. However, both sides remain far apart on major issues, including sanctions relief and nuclear restrictions.

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Trump approves nearly $9 billion weapons sales to Israel, UAE and other allies amid Iran tensions

The US has fast-tracked nearly $9 billion in weapons sales to Israel, UAE and other allies as tensions linked to the Iran conflict continue despite a fragile ceasefire.

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Donald Trump statement

The United States has approved nearly $9 billion worth of weapons sales to key Middle Eastern allies, including Israel and the United Arab Emirates, amid ongoing tensions linked to the Iran conflict.

The decision, cleared by the administration of Donald Trump, includes expedited military transfers to Israel, the UAE, Qatar, and Kuwait. The approvals were granted under an emergency provision, allowing authorities to bypass the usual congressional review process.

Emergency clearance amid ongoing conflict

Officials said the move was necessary due to the evolving security situation in the region, particularly as the conflict involving Iran continues despite a fragile ceasefire. The war, which began earlier in 2026, has heightened instability across West Asia.

US Secretary of State Marco Rubio invoked emergency powers to fast-track the deals, citing urgent defence requirements for allied nations.

What the arms package includes

The approved package includes a mix of advanced defence systems and precision weapons:

  • Patriot missile defence replenishments worth over $4 billion for Qatar
  • Precision-guided weapon systems for multiple countries
  • Integrated battle command systems for Kuwait
  • Additional advanced weapons support for Israel and the UAE

The total value of these deals is estimated at over $8.6 billion, often rounded to nearly $9 billion.

Timing linked to iran war

The approval comes nearly nine weeks into the conflict involving the US, Israel, and Iran, with tensions still high despite a ceasefire that has been in place for several weeks.

Analysts note that the move signals continued US military backing for its regional allies, particularly in strengthening air defence and precision strike capabilities during uncertain conditions.

Criticism and concerns

The decision to bypass congressional oversight has drawn criticism from some quarters, particularly over transparency and the broader implications of increasing arms supplies in a conflict-prone region.

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Trump and Putin hold over 90-minute call, discuss Iran war and Ukraine conflict

Trump and Putin held a 90-minute call focusing on Iran tensions and the Ukraine conflict, with warnings over escalation and talks of ceasefire.

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Vladimir Putin and Donald Trump

US President Donald Trump and Russian President Vladimir Putin held a phone conversation lasting more than 90 minutes, focusing on escalating tensions in the Middle East and the ongoing war in Ukraine.

According to official statements, the discussion was described as “frank and businesslike,” with both leaders addressing key global security concerns. A major part of the conversation centred on the situation involving Iran and developments in the Persian Gulf.

Putin supported Trump’s decision to extend the ceasefire related to Iran, suggesting that continued restraint could create space for negotiations and help stabilise the region. However, he also issued a strong warning, stating that renewed military action by the United States or Israel could lead to “extremely damaging consequences” not only for Iran but for the wider international community.

Ukraine conflict also discussed

The leaders also discussed the ongoing war in Ukraine, which has continued for several years since Russia’s invasion in 2022. During the call, there were indications of potential efforts toward a temporary ceasefire, although no final agreement has been confirmed.

Reports suggest that the idea of a short-term pause in hostilities was explored, possibly linked to upcoming symbolic dates, but significant differences between the parties remain unresolved.

Focus on diplomacy amid global tensions

The call highlights ongoing diplomatic engagement between Washington and Moscow at a time of heightened geopolitical tensions involving both the Middle East and Eastern Europe.

While both sides acknowledged the importance of dialogue, the situation on the ground in both conflict zones remains complex, with no immediate resolution in sight.

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