Donald Trump said the U.S.-Venezuelan oil arrangement is "the largest oil deal in world history"

Crude futures climbed about one percent in early trading after the U.S. and Iran traded overnight strikes, intensifying worries about Middle East supply and dimming hopes for a quick easing of regional tensions. Brent reached $95.52 a barrel, while West Texas Intermediate hit $91.02. Against that backdrop, President Donald Trump said the U.S. would soon begin refilling its emergency crude stockpile with Venezuelan oil. In an August 29 statement, Trump described the arrangement with Venezuela as the largest petroleum agreement ever, asserting that the U.S. had gained control over a substantial share of the country's estimated 65 billion barrels of reserves. His comments tie the administration's Venezuela policy to efforts to address energy supply concerns.