Trump floats keeping Iranian oil as Gulf-Iran Hormuz talks stall

Key Points:

• President Donald Trump suggested the U.S. could continue its campaign against Iran and potentially take control of Iranian oil, comparing it to the U.S.-Venezuela oil deal that granted Washington majority control over Venezuela's vast reserves.
• Trump expects the Iran conflict to end this year, possibly after the November midterm elections, and predicted gasoline prices would significantly drop once peace is achieved.
• Diplomacy over the Strait of Hormuz has stalled, with a planned meeting between Gulf countries and Iran postponed due to a lack of consensus, amid ongoing naval blockades and military actions affecting global oil flows.
• The Strait of Hormuz remains a critical and contested waterway, with Iranian and U.S. naval blockades keeping energy prices elevated, while recent attacks by Yemen's Houthi rebels have increased regional tensions.
• Oil prices surged past $100 a barrel following Saudi Arabia's closure of a key pipeline damaged by Iraqi drone strikes, further impacting global energy markets.