Trump to meet US oil execs as Iran war keeps price high

According to Business Recorder, US President Donald Trump will sit down with oil refining executives on Tuesday, the White House has confirmed. The meeting aims to bring down fuel costs that have climbed sharply since the Iran war began, ahead of the November midterm elections. The White House has not published who will attend, but said guests would range from small to large refiners and distributors.

Trump announced a deal days earlier that he said would give the US majority control over 65 billion barrels of proven Venezuelan reserves, calling it the biggest in history. A White House official also said that rising Venezuelan crude shipments to US refineries made the talks especially timely. Venezuela's government has faced intense pressure from the Trump administration since US forces ousted and captured former leader Nicolas Maduro in January.

Trump hopes the Venezuelan supply can make up for disruption to global oil flows caused by the war he started with Israel six months ago. The US and Iran fired on each other on Sunday, the first such exchange in a month, while the war remains deadlocked. Iran continues to keep the Strait of Hormuz shut, while Washington maintains a naval blockade aimed at Iran.