Trump's week: Middle East strikes, Venezuelan oil pact, ballot push and White House ballroom win
President Trump oversaw U.S. attacks on Iranian targets, announced a deal to control 65 billion barrels of Venezuelan oil, and secured a Supreme Court ruling to continue building a new White House ballroom while campaigning for the midterms.
U.S. military action this week began with strikes on Larak Island in the Strait of Hormuz, targeting rocket launchers believed to be ready to lay naval mines, followed by a broader campaign against Iranian radar, air-defense, and communications sites; Iran responded with missiles and drones aimed at American forces stationed in Jordan. President Trump simultaneously announced a sweeping oil agreement that places control of 65 billion barrels of Venezuelan reserves in the hands of a new entity, NABEP, which will receive investment from the Pentagon, signaling a major shift in U.S. energy strategy.
On the home front, the Supreme Court issued a narrow 5-4 decision allowing the continuation of a $400 million White House ballroom construction, clearing the way for a 250-foot arch to begin in two weeks. Trump also vowed to campaign personally in every competitive House race, citing concerns that the MAGA Inc Super PAC lacks sufficient funds. Vice President JD Vance stepped in as acting press secretary for a day, and Army Secretary Dan Driscoll resigned after ongoing friction with Defense Secretary Pete Hegseth. Energy Secretary Chris Wright traveled to Caracas for the oil deal ceremony, where Venezuelan acting president Delcy Rodriguez and executives from Chevron, GE Vernona, Eni, Primavera and Aspect Holdings were present, while deal architect Alejandro Betancourt remained out of the press view.
Why it matters
The story shows how U.S. foreign actions, energy policy and domestic political moves are intersecting ahead of the midterm elections.
How this story developed
- Aug 28 U.S. Negotiates Long-Term Lease of Venezuelan Oil Fields to Cut Import Costs
- Aug 28 The White House has referred inquiries about the proposed deal to the Energy Department.
- Aug 29 Trump announced a partnership granting the United States a 55% effective output share in Venezuelan oil fields.
- Aug 30 The first publicly shared photographs of Nicolas Maduro since his January abduction were uploaded to his X account. The pictures show the former president detained by U.S. officials as he prepares for a trial on narco-terrorism and drug-trafficking accusations. The post was framed as a tribute to his grandchildren and supporters.
- Aug 31 Acting President Delcy Rodríguez announced a 25‑year bilateral energy project granting the United States majority control of more than 65 billion barrels of Venezuelan reserves.
- Aug 31 Trump said the deal will allow the United States to top up its Strategic Petroleum Reserve.
- Aug 31 The partnership was described as a 25‑year joint venture targeting 1.5 million barrels per day and projected to generate about $209 billion for Venezuela, with the United States holding a 55 percent interest and a 35 percent passive stake in the private partner.
- Sep 1 Pentagon’s Office of Strategic Capital joins the Venezuelan oil venture.
- Sep 2 U.S. Energy Secretary Chris Wright scheduled a visit to Venezuela to discuss the oil partnership.
- Sep 2 The administration revealed a $100 billion proposal that includes a disputed 35 % Pentagon equity stake and a 100‑year lease for the private partner.
- Sep 2 Nicolás Maduro and his wife Cilia Flores asked a Manhattan judge to throw out a drug-trafficking indictment, arguing they are immune as Venezuela’s head of state and first lady.
- Sep 3 Oral arguments on the dismissal motion are set for Nov. 17.
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