President Donald Trump said Friday that his administration has entered a sweeping agreement with Venezuela that, if realized, could give the U.S. access to vast amounts of the South American country’s untapped oil reserves, at cost. The president is calling it “THE BIGGEST OIL DEAL IN WORLD HISTORY!” The United Arab Emirates’ air force intercepted an Iranian drone over its territorial waters Monday, the Defense Ministry said, an attack that comes after the United States and Iran exchanged fire on the weekend, the first significant military action in a month. Ontario Premier Doug Ford answered Trump’s “Lake America” decree Saturday with a billboard-sized message on the Canadian shoreline — “Lake Ontario.
Now and Always” — as Canadian leaders met the move with ridicule rather than outrage. Former Venezuelan planning minister calls it a ‘shameful deal’ “Venezuelans will not respect this illegitimate deal and no major US oil company will take it seriously because they know it will not last,” Ricardo Hausmann, now a Harvard University professor, said on social media. He said Delcy Rodríguez, the acting president, “has no legitimacy or constitutional power to commit Venezuela to any such deal.” Delcy Rodriguez pushed back on early criticism of the oil deal “One thing must be absolutely clear: Venezuela retains ownership and sovereignty over its resources,” Rodríguez said in her national address.
She said the goal is to reach other agreements with transnational private companies such as Chevron, Repsol and Shell. She added: “We want to be an energy powerhouse, a major oil producer, a significant gas exporter, and a major national petrochemical developer.” Some Venezuelans consider Trump oil deal a betrayal It goes against what they’ve been told for decades: Venezuelan resources are for Venezuela, and no leader would cede control of those resources to the U.S. government. At a market in eastern Caracas, Douglas Borjas said he’s upset that Venezuelan leader Delcy Rodriguez apparently agreed to 55% U.S. control of oil fields that could produce 65 billion barrels.
Venezuela has resources that can be exploited, but for the benefit of the people, not for the benefit of the corrupt elite.” Monday’s jump in bond yields could impact consumers The bond market is one of the few forces in the world strong enough to get politicians to snap to attention. It also helps dictate how much ordinary people have to pay on their mortgages and car loans, as well as how much they earn from their savings accounts and 401(k) plans. Rising bond yields raise the specter of higher borrowing costs putting the brakes on consumer spending, the lifeblood of the economy, and raise concerns that investors might sour on financing vast government borrowing.
Wall Street is bracing for a potential rate hike Traders are reacting to the speech Friday by Federal Reserve Chairman Kevin Warsh about lowering inflation despite possible short-term pain for the economy. In the bond market, the yield on the two-year Treasury, which closely tracks expectations about Fed moves, jumped to 4.35% from 4.22% just before Warsh’s speech at an economic symposium. That sets up a potential clash with U.S.
President Donald Trump, who has consistently lobbied for lower rates. More for each barrel, record prices at the pumps Brent crude, the international standard, jumped 3.4% to $91.10 per barrel on Monday. U.S. benchmark crude oil was trading 3.6% higher at $86.40 per barrel.
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