Trump Announces 'Largest Oil Deal in History,' US Gains Majority Control of Venezuela's 65 Billion Barrel Reserves

President Donald Trump said Friday that the US has reached a deal with Venezuela, gaining majority control of over 65 billion barrels of proven oil reserves.

Trump touts historic Venezuela oil deal

Trump announced the deal on Truth Social, calling it "the largest oil deal in world history." He added that it would cost US taxpayers "nothing."

The president said US officials worked with Venezuelan leaders and unnamed private companies to reach the agreement, which he said would strengthen ties between Washington and Caracas.

"The deal will greatly strengthen the already growing relationship between Venezuela and the US," Trump wrote.

Gas prices surge as Venezuela oil deal is reached

The deal comes as American drivers face higher energy costs. The average US gas price hit about $4.09 per gallon on Friday.

In his post, Trump also highlighted the deal as a way to boost American energy security.

He said it would more than double US oil reserves, though the reserves controlled through the foreign deal differ from crude held in the Strategic Petroleum Reserve.

Iran war disrupts global oil markets

The announcement comes amid ongoing disruption to global crude markets from the US war with Iran.

The Strait of Hormuz, a critical chokepoint for global oil shipments, has seen traffic drop sharply during the conflict. That has pushed oil prices higher and raised concerns about global supply.

WTI crude is down about 4% this week but remains up more than 24% since the war began.