Markets
August 28, 2026
Silver Price Eyes Fresh Breakout as Miners Challenge the Metal in 2026
- US Iran strikes have pushed Brent crude back above $90 as renewed tensions around the Strait of Hormuz raise fresh supply concerns
- The US is also pursuing a separate Venezuela oil strategy involving more than 65 billion barrels of proven reserves and 17 oil fields, with around $100B in potential investment
- Venezuela’s interim president says the 25 year energy project could lift crude production beyond 1.5 million barrels per day, while the US plans to use some Venezuelan crude to replenish its Strategic Petroleum Reserve
The US-Iran strikes have once again put the global oil market on alert. Donald Trump has once again resumed strikes on Iran. The US President shared how these strikes are being launched to stop Iran from deploying sea mines into the Strait of Hormuz. At the same time, the US has made another move, securing one of the biggest oil deals with Venezuela in the center of it. Trump announced that he has managed to secure access to more than 65 billion barrels of Venezuela’s proven oil reserves to help replenish the US reserves. As the global oil market stance continues to evolve, Brent crude oil has also reacted to this change, climbing to $90 in response to the strikes.
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US Strikes Iran As Hormuz Risks Rise Again
The US forces struck two Iranian launchers on Larak Island on Sunday. This development marked the first US strike on Iran since July. The US officials later shared that these launchers were prepared to halt Iran from deploying sea mines into the Strait of Hormuz. Iran later responded to this attack by retaliating and launching an attack on two US bases in Jordan.
Trump later shared an AI video of the Kharg Island amid the US-Iran strikes. The image portrayed Kharg Island being blown by the US, with the caption stating the same.
This situation has once again alerted the oil markets in the process. The Strait of Hormuz continues to be a key oil route, on which disruptions continue to prevail. As a result, the global oil supply stands paralyzed and at risk of developing shocking supply shortages that may directly impact the oil prices. The US-Iran strikes have already affected the Brent crude prices. The Brent crude oil has climbed 2.9% to around $90.61 a barrel, while WTI rose to hit around $85.53.
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Venezuela Gives US a Different Oil Strategy
While the US Iran strikes continue to create global oil supply mayhem, the US has managed to find an alternative route to replenish its oil reserves. President Donald Trump announced an agreement with Venezuela, giving the US majority control over a venture involving more than 65 billion barrels of Venezuela’s proven oil reserves. Per Reuters, this development has happened with the help of partnerships with private businesses. The plan further includes the development of 17 oil fields that may give the US an edge, bringing around $100B in potential investment into the Venezuelan oil industry.
The Trump administration is yet to deliver more concrete details on this. However, Trump has described the arrangement as giving the US majority control, rather than full control, over the venture. Venezuela’s interim president Delcy Rodriguez later shared how this bilateral energy project will run for 25 years and aims to increase oil production to more than 1.5 million barrels a day.
