Donald Trump announced that the US has struck a deal to gain majority control of more than 65bn barrels of oil in Venezuela. The agreement, described by Trump as "THE BIGGEST OIL DEAL IN WORLD HISTORY!" on Truth Social, involves US secretary of state Marco Rubio, defence secretary Pete Hegseth and Venezuelan interim president Delcy Rodríguez.

A White House official claimed the US had gained 55 per cent of the "effective output of a new private joint venture" that would become the second-largest private oil company by reserves in the world after Saudi Aramco. The project includes 100-year concessions for oilfields with 63bn barrels of proven reserves, bringing nearly $100bn in private investment to Venezuela.

The announcement comes as the Trump administration faces growing public frustration over rising petrol prices ahead of November's midterm elections. Since the arrest of former president Nicolás Maduro in January, Washington has lifted sanctions enabling US companies to invest in Venezuela's oil sector. Major oil firms including Repsol, Eni, Shell and Chevron have made agreements with Venezuela's government this year.