U.S. and Venezuelan officials have approved a deal giving the United States access to tens of billions of dollars’ worth of Venezuela’s oil reserves. Critics fear the arrangement will benefit only the U.S. while further weakening Venezuela’s autonomy.

United StatesVenezuelaoilenergy deal

The United States has reached an agreement with Venezuela giving it access to some of the country’s oil reserves. At the same time, Venezuelan nationals in the U.S. are being told to leave or face possible removal.

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Donald Trump described the Iran conflict as “small potatoes” for the United States, despite the deaths of 18 US service members and injuries to hundreds more.

Donald TrumpIran conflictUS military casualties

President Trump described the conflict with Iran as “small potatoes” for the United States and said U.S. forces were protecting oil tankers from Iranian attacks in the Strait of Hormuz.

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Summer may be drawing to a close, but Americans continue to feel the squeeze at the pump as fuel prices soar amid the unending Iran conflict.

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At an Oval Office event, President Trump said he would not describe the ongoing military conflict in Iran as a “war,” calling it instead “small potatoes for us.” Vice President JD Vance similarly declined to use the term “war” a day earlier.

Donald TrumpIranmilitary conflict

After J.D. Vance rejected describing the situation as a “war,” Donald Trump played down the US conflict with Iran, calling it “small potatoes” for the United States.

Donald TrumpIranUS-Iran conflict

The UK is expected to approve the Jackdaw gasfield in the North Sea within weeks, a move likely to face fierce opposition from climate scientists and environmental campaigners.

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The FAO says its Food Price Index rose for a third consecutive month to 133.3 points in August, the highest level since late 2022. Wars, climate shocks and disrupted trade logistics are tightening supply expectations, with all tracked food categories increasing. European heatwaves and El Niño are also threatening crop production, raising hunger risks.

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Chinese President Xi Jinping congratulated the eighth China-Russia Energy Business Forum in Vladivostok, saying bilateral energy cooperation has produced fruitful results and supported both countries’ development. He said China is ready to deepen cooperation with Russia and jointly protect the stability and smooth operation of energy industry and supply chains. Russian President Vladimir Putin also sent a message.

China-Russia relationsenergy cooperationXi JinpingVladivostok

Chinese President Xi Jinping sent congratulations to the 8th China-Russia Energy Business Forum in Vladivostok, saying bilateral strategic coordination and energy cooperation have maintained strong momentum. He said China is ready to deepen energy ties with Russia and jointly protect the stability of energy industrial and supply chains. Russian President Vladimir Putin also sent a message.

China-Russia relationsenergy cooperationXi JinpingVladimir Putin

Escalating conflict in the Middle East and Russia’s extended diesel export ban have pushed diesel prices in the UK and US up by about 10% in less than a week. Farmers face sharply higher costs for vehicles and machinery, with UK red diesel at about £1.10 a litre and US pump prices reaching a record $5.85 a gallon.

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U.S. Vice President JD Vance comments on Iran and interest rates as investors shift their attention to the August jobs report scheduled for release Friday.

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As Trump takes a harder line on negotiations, Tehran remains determined to keep the Strait of Hormuz closed, sustaining the escalation between the US and Iran.

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Vice President JD Vance played down the scale of the Iran conflict, saying he would not call it a “war” because major combat operations ended several weeks ago. His characterization comes as military strikes in the region have recently intensified and could trigger a midterm backlash.

US politicsIran conflictmidterm elections

South Korea is considering sending military assets to the Strait of Hormuz to support freedom of navigation, according to media reports, although Seoul says no deployment decision has been made. Iran struck US military targets in the Gulf in retaliation for a Tuesday night attack that killed four people at a wedding.

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The average US diesel price has reached a record $5.85 a gallon, up from $3.71 a year ago, as the Iran conflict drives wholesale oil prices higher. Rising fuel costs are angering voters, while the Trump administration is seeking to lower prices through a major oil agreement with Venezuela.

US diesel pricesIran conflictoil pricesVenezuela oil

A 1950 US State Department memo described oil as the enduring link between Washington and Caracas. The article traces their relationship from cooperation to hostility, noting Donald Trump’s announcement that the US would take majority control of about a fifth of Venezuela’s oil reserves. The White House says the deal secures US energy dominance for the next century.

United StatesVenezuelaoildiplomacy

Chevron, Eni and other energy companies signed multibillion-dollar agreements in Caracas to expand Venezuela’s oil output. The ceremony was overseen by interim President Delcy Rodriguez and US Energy Secretary Chris Wright, days after a separate Caracas-Washington deal gave the US access to 17 oil fields representing about a fifth of Venezuela’s reserves.

Venezuelaoil projectsChevronEni

US energy companies are significantly expanding their operations in Venezuela following Washington’s oil deal with Caracas. US officials denied claims that the agreement was holding Venezuela for ransom, saying it benefits all sides while developing an unused underground asset.

United StatesVenezuelaoil dealenergy companies