Like Venezuela, US might keep Iranian oil too: Trump
What's the story
US President Donald Trump has suggested that the United States could continue its conflict with Iran and even take control of its oil. He drew a parallel with the actions taken in Venezuela earlier this year. "We'll ultimately get out of the war, unless we decide to stay and keep the oil like Venezuela," Trump said at the Irish Open golf championship in Ireland.
Financial impact
A look at the Venezuela oil deal
The US has access to nearly one-fifth of Venezuela's oil reserves, amounting to nearly 65 billion barrels, more than double its own reserves.
In return, the US will pay $209 billion into Venezuela's state treasury.
Trump has previously claimed that revenue from this deal has covered war costs "many times over."
He also promises that oil prices will "drop like a rock" once the Iran war ends.
Diplomatic setback
Talks on the Strait of Hormuz canceled
Amid Trump's rhetoric on Iran, talks between Iran, Oman, and other Gulf nations to discuss potential agreements over the Strait of Hormuz have been canceled.
Oman's foreign minister confirmed this after Bahrain and Saudi Arabia expressed concerns over the meeting.
The cancellation comes as crude oil prices surged past $107 a barrel after Houthis advanced toward the Bab el-Mandeb strait.