“Treasury Secretary Scott Bessent said Ukrainian drone strikes on Russian energy facilities were one reason for rising global energy prices, citing those attacks before mentioning the war against Iran when asked about the elevated cost of living in the U.S,” Bloomberg reports.

Said Bessent: “We are going through an energy shock right now, due to both the war in Ukraine, because Ukraine has decided that they want to blow up Russian energy assets and refined products — so that is creating upward price pressure on a global basis — and then the conflict in Iran.”

“In a social media post on Sunday, President Trump said he would use the oil from his deal in Venezuela to refill the United States’ stockpile of oil, but that’s something of a pipe dream — at least in the short term,” the New York Times reports.

“The agreement, announced last week, covers some 65 billion barrels of reserves in the oil-rich country, and amounts to a highly unusual foray involving a partnership with a private company. But many of its details remain unknown, and that’s just one complication for a process that Mr. Trump said would ‘begin very shortly.'”

Axios: Trump hails “biggest oil deal in world history” with Venezuela.

“President Donald Trump said Friday night the United States reached an oil agreement with Venezuela, a move he said will more than double American oil reserves, increase oil supply and lower gas prices,” CNN reports.

Said Trump: “At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer.”

Bloomberg: Why the U.S. wants a stake in Venezuela’s oil.

“The Trump administration is negotiating a long-term stake in a vast share of Venezuela’s oil fields, according to three people close to the discussions, a costly and legally precarious proposal that aims to nudge reluctant energy companies to drill in the risky region,” the Washington Post reports.

“The contours of the plan, which is still evolving and could change or fall apart, would involve the United States taking more direct control over Venezuelan reserves as crime and steep logistical challenges discourage private investors.”

“Under terms being discussed, the U.S. would acquire long-term contracts for a third of Venezuelan oil reserves, creating access to roughly 90 billion barrels of crude.”

“President Donald Trump is urging Americans to accept higher gasoline prices while the conflict with Iran continues,” NewsNation reports.

“He told a political rally in New York Friday that paying ‘a tiny little bit more for your gasoline’ is worth the cost of ensuring ‘a very evil country’ could not have a nuclear weapon, one of the president’s stated rationales for the war.”

“Oil has Trump over a political barrel ahead of the midterms,” Politico reports.

“As the latest phase of the Iran war drags on, without either resolution or significant escalation, the rising cost of oil remains Republicans’ greatest liability heading into the fall — combining the war’s unpopularity and enduring cost-of-living concerns into one package for Democrats to hammer the party in power.”

“Today, U.S. oil prices once again spiked past $80 a barrel after hopes of a Strait of Hormuz deal pushed them lower last week. Brent crude, the global benchmark, reached roughly $85 a barrel. And the Energy Department said the country’s Strategic Petroleum Reserve has now dipped below 300 million barrels — hitting its lowest level since 1983… after Trump released lots of domestic oil to try to blunt the Hormuz impact.”

“The U.S. Treasury secretary signaled Washington and Tehran could reach a deal over the reopening of the Strait of Hormuz as soon as Tuesday or Wednesday, sending the oil price 4 percent lower,” the Financial Times reports.

Said Scott Bessent: ‘There is a chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict.”

Bloomberg: Bessent suggests U.S.-Iran Hormuz deal possible in coming days.