President Donald Trump announced on Friday that the United States had secured an agreement with Venezuela to take majority control of 65 billion barrels of the South American nation’s oil reserves, a move he called “the biggest oil deal in world history.” Venezuelan interim President Delcy Rodríguez clarified in a televised address on Saturday that the 25-year agreement preserves Caracas’ “ownership of and sovereignty over its resources” while aiming to boost daily production to 1.5 million barrels and generate over $209 billion in revenue.

The deal follows the January capture of former Venezuelan President Nicolás Maduro by U.S. forces, who was brought to the U.S. to face drug-trafficking charges. Rodríguez, Maduro’s former vice president, assumed the presidency afterward. Sen. Ted Cruz, R-Texas, praised the oil agreement on Sunday, telling NBC News’ “Meet the Press” that it could have “a very positive impact on the United States and the United States economy, on American jobs, and a very positive impact on gas prices over the long term.” Cruz also reiterated his call for free and fair elections in Venezuela, urging they occur “midway through next year.”

Trump has framed the deal as a way to lower gasoline prices for U.S. consumers, though analysts noted that its impact depends on resolving the ongoing blockade of the Strait of Hormuz, which has restricted global oil shipments. Iran’s Deputy Foreign Minister Kazem Gharibabadi stated on Saturday that the strait remains closed and that any vessel seeking passage must coordinate with Tehran, adding that a temporary maritime route with Oman hinges on U.S. compliance with a lapsed memorandum of understanding.

The agreement comes as Trump faces domestic political pressure ahead of November’s midterm elections, with mail-in ballots set to be distributed in one week. Cruz acknowledged the timing, saying the administration is “working rapidly” to balance the oil deal with electoral reforms in Venezuela.

Meanwhile, tensions flared between the U.S. and Canada after Trump signed an executive order on Thursday renaming Lake Ontario to “Lake America” amid a trade dispute. Google Maps updated its U.S. version to reflect the change, while Canadian Prime Minister Mark Carney rejected the move, stating, “We were not prepared to compromise our sovereignty.” Ontario Premier Doug Ford erected a sign reading “Lake Ontario. Now and Always” in response, and MapQuest announced it would not adopt the new name. The trade conflict includes a 50% U.S. tariff on Canadian steel and retaliatory measures from Ottawa.

Iran’s Supreme Leader Mojtaba Khamenei also issued a written message on Sunday, urging Muslim rulers to “identify your real enemy” and confront it, as the Strait of Hormuz standoff persists. The U.S. Treasury separately sanctioned an Emirati subsidiary of Egypt’s Banque Misr, accusing it of processing $1.8 billion in transactions for Iranian shadow banking networks between January 2024 and June 2026.

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Articles

⚡ NEWSSen. Ted Cruz Calls for Rapid Elections in Venezuela Amid US Oil SanctionsSenator Ted Cruz renewed calls for free and fair elections in Venezuela, shortly after President Trump announced US sanctions on 65 billion barrels of Venezuelan oil. This highlights ongoing diplomatic pressure and geopolitical tensions regarding...📰 #Diplomacy #OilEnergy #Geopolitics #GeoWire

mastodon bot · about 1 hour ago

Canadian official answers Trumps Lake America with giant Lake Ontario sign A Canadian premier also compared Trump to an ageing rock band trying to revive an old hit.

thejournal · about 1 hour ago

🟠 UPDATEIran War Reshapes Global Economy with Market Rally and Energy Cost SurgeMilitary leaders warn Secretary of Defense Hegseth that the ongoing Iran operation has reached its six-month mark and is considered too much for too long, indicating internal military dissent regarding the conflicts duration.📰 #USA #Military #Geopolitics #GeoWire

mastodon bot · about 1 hour ago

🟠 UPDATETrump Initiates Trade War with Canada Threatening Jobs and SecurityCanada erected a Lake Ontario. Now and Always sign in response to US administrative renaming efforts. President Trump posted a video replacing an avatar of the sign with Lake America and dancing to YMCA. This cultural spat accompanies a trade dispute involving 50 US tariffs on Canadian...📰 #USA #Geopolitics #GeoWire

mastodon bot · about 1 hour ago

US Enters Deal to Have Majority Control of Venezuelas Oil

news.yahoo.com · about 1 hour ago

Irans Khamenei tells Gulf rulers to confront real enemy for Islamic Unity Week Khamenei has not ⁠been seen in public since being injured in US-Israeli airstrikes six months ⁠ago

independent · about 1 hour ago

Huge Lake Ontario sign installed in swipe at Trump over name change A huge Lake Ontario sign has been unveiled next to the lake after Donald Trump signed an order to rename it "Lake America."

independent · about 1 hour ago

Controversial Venezuelan executive courts investors after Trump oil deal Alejandro Betancourt is USs minority partner in company that will control more than 65bn barrels of oil reserves

financial times · about 2 hours ago

Irans Khamenei calls for Gulf unity as Hormuz tensions persist Khamenei urges Gulf rulers to confront their real enemy as Iran keeps Hormuz restricted amid stalled diplomacy.

aljazeera · about 2 hours ago

Google Maps will show Lake America in US, not Lake Ontario reut.rs/4xE8Eb5

bluesky_Reuters · about 2 hours ago

Trump-hajú, gépfegyverrel lövöldöző ludakat posztolt Donald Trump azután, hogy átnevezte az Ontario-tavat Amerika-tóra Örül vagy fenyegetőzik?

444.hu · about 2 hours ago

Inside America: Big-Mac-Diplomatie: Trump macht den Rindfleischpreis zur Chefsache Von Steak bis Burger: US-Präsident Donald Trump liebt Rind. Jetzt erklärt er den Rindfleischpreis zur Staatsräson und lockert die Zölle für ausländische Importe. Das schmeckt nicht allen.

handelsblatt · about 2 hours ago

Khamenei urges Muslim rulers to identify true enemy Irans Supreme Leader Mojtaba Khamenei urged rulers of Muslim nations to identify the United States and Israel as the "true enemy," accusing Washington and Tel Aviv of working to destroy Islamic unity amid heightened tensions following the recent collapse of a ceasefire agreement between Tehran and Washington.

yenisafak · about 2 hours ago

Venezuela-US oil deal to run 25 years, boost production Venezuelan interim President Delcy Rodriguez said the agreement aims to raise daily production above 1.5 million barrels and generate over $209 billion in revenue, thanking Washington for its role in finalizing the historic transaction while emphasizing that Caracas retains sovereignty over its resources.

yenisafak · about 2 hours ago

Trump gépfegyveres, parókás ludakkal ünnepelte, hogy átnevezett egy tavat, a Google már át is írta a térképein Mi jöhet még?

hvg.hu · about 2 hours ago

Fed-Chef auf Konfrontationskurs mit Trump US-Präsident Donald Trump hat sich das wohl anders vorgestellt: Der neue Fed-Chef denkt nicht an Zinssenkungen

der standard · about 2 hours ago

US Treasurys Bessent faces G20 diplomacy test amid tariffs, Iran war, bond turmoil reut.rs/4gHpoaj

bluesky_Reuters · about 2 hours ago

🇺🇸❌🇪🇬🇮🇷 - The US Treasury Department has issued a sanction notice to Banque Misrs subsidiary in UAE, accusing it of facilitating "Iranian regimes access to US dollars." Banque Misr is Egypts second largest bank. Its Emirati subsidiary is accused of processing $1.8 billion between January 2024 and June 2026 for 103 companies suspected of being part of Iranian shadow banking networks. The sanction notice has prompted the UAE to launch an in-depth investigation into the branch, which could potentially lead to the revocation of its banking license in the UAE. Egypts Central Bank has clarified that the US sanction only applies to the dollar transactions of the Emirati Branch. @GeoPWatch

telegram_GeoPWatch · about 2 hours ago

Trump teatas uuest USA ja Venezuela naftaleppest USA president Donald Trump teatas reedel uuest naftaleppest Venezuelaga, mille kohaselt saab USA enda kontrolli alla enamus Venezuela tõestatud naftavarudest. Trumpi sõnul puudutab kokkulepe enam kui 65 miljardit barrelit naftat, vahendab The Guardian.

postimees · about 2 hours ago

Rajongóként kezdte, Trump „élő nyomtatója lett – ki Natalie Harp, az amerikai elnök rejtélyes bizalmasa? Az elmúlt hetekben az amerikai sajtó látványosan ráállt Natalie Harpra, Donald Trump egyik legközelebbi, mégis alig ismert emberére. A korábbi tévés műsorvezető rajongóként került az elnök közelébe, ma pedig kapuőrként követi mindenhova, beleszól abba, milyen információk jutnak el hozzá, és olyan befolyást szerzett, ami már Trump környezetében is feltűnést kelt.

444.hu · about 2 hours ago

Trump hoppas på lägre bensinpris: Inte gratis Trump jublar över oljeavtalet med Venezuela – och hoppas på lägre bensinpriser till kongressvalet. Men detaljerna är oklara. Det låter på Trump som om allt kommer gratis, men så kan det inte vara, säger professor Andrés Rivarola Puntigliano.

svenska dagbladet · about 2 hours ago

Google Maps adds Lake America as Ford compares change to SNL skit President Trumps order to rename Lake Ontario to "Lake America" is stirring up more controversy, as tech companies decide whether to comply or not. The big picture: Google and other digital map providers—like MapQuest and Apple—have split on whether to accept the name change or keep Lake Ontario on their maps. Driving the news: An Axios review of Google and Apple Maps on Sunday showed Google now says "Lake America" on mobile and desktop, while Apple Maps says Lake Ontario. Google said Saturday that it had changed the maps in accordance with updates from the U.S. Geographic Names Information System (GNIS) and updated Google Maps "to reflect name changes in official government sources." Zoom out: Googles update means that users inside the U.S will see Lake America, while those outside will see Lake Ontario (Lake America), the companys statement said. "These updates follow our long-standing policy for bodies of water with names that vary from country to country, and are starting to roll out now."Google has taken a similar stance before, as when it changed the Gulf of Mexico to Gulf of America following a separate Trump executive order. Mexico threatened to sue over the change. Apple spokespeople were not immediately available to comment Sunday morning on the companys position. What theyre saying: Backlash against the name change was swift after Trump signed the August 27 executive order. Ontario Premier Doug Ford compared the move to a "Saturday Night Live" skit during a Sunday appearance on ABCs "This Week," saying: "No ones going to call it Lake of America. Its been Lake Ontario for hundreds of years. Its going to continue being Lake Ontario. Its just so disappointing."Between the lines: Not everyone is changing their maps. Mapquest, which provided internet mapping nearly a decade before Google, said Saturday that it will not change its maps to reflect Trumps order. "Were not changing the name of Lake Ontario. Name it whatever you want at your leisure," the company wrote in a tweet that has since gone viral. Go deeper: Scoop: Dems plan bill to counter Trumps "Lake America" order

axios · about 2 hours ago

Trump posts AI video of Lake America being protected by an army of bequiffed Donald Ducks The post came after the president signed an executive order renaming Lake Ontario Lake America amid a bitter tariff war with Canada

independent · about 2 hours ago

⚡ NEWSUS Sanctions Imposed on Egypts Banque MisrThe United States has imposed sanctions on Banque Misr, Egypts second-largest bank. This move is part of Washingtons broader strategy to economically pressure Iran during stalled truce negotiations, highlighting the intersection of US foreign policy, banking...📰 #Iran #USA #Geopolitics #GeoWire

mastodon bot · about 2 hours ago

Google Maps relabels Lake Ontario as Lake America for US users Google Maps now labels Lake Ontario as Lake America for users in the United States, following an update to the US Geographic Names Information System, while Canadian users see the old name and everyone else sees both. Google Maps has been a designated very large online platform in the EU since April 2023, with duties […] This story continues at The Next Web

the next web · about 2 hours ago

Öl-Deal mit Venezuela: Trump verspricht billiges Benzin Die USA sichern sich riesige Ölvorkommen in Venezuela. Damit will die US-Regierung auch die Autofahrer besänftigen. Seit Ausbruch des Iran-Kriegs sind die Treibstoffpreise deutlich gestiegen

der standard · about 2 hours ago

Banque Misr, Egypts second-largest, hit by US sanctions: What to know Move comes as Washington steps up its efforts to economically pressure Iran amid deadlock in truce talks.

aljazeera · about 2 hours ago

⚡ NEWSImpact of War on Iranian Civilians Six Months InSix months into the conflict, common Iranians face increasing pressure and hardship with no immediate relief in sight. The article highlights the deteriorating living conditions and economic strain on the civilian population amid the ongoing war.📰 #Military #Geopolitics #GeoWire

mastodon bot · about 2 hours ago

Rohstoff-Deal: Mehr Öl für die USA - Trump und der Venezuela-Deal Die USA nahmen Venezuelas langjährigen Staatschef Nicolás Maduro gefangen. Dann nahm Trump das Öl ins Visier. Jetzt gibt es einen Deal zu Ölfeldern - was werden die Folgen sein?

handelsblatt · about 2 hours ago

Iran speaker slams US Treasury chiefs liar claims on economic pressure Mohammad Bagher Qalibaf says US Treasury Secretary Scott Bessents claims that Washingtons blockade would crush Iran are false, citing over $130 billion in war-related costs and trading losses while accusing Washington of misleading statements as tensions persist over the Islamabad peace agreement.

yenisafak · about 2 hours ago