US President Donald Trump said on Sunday that the United States may remain in Iran after a potential conflict to "keep the oil," drawing a comparison to Washington's recent arrangement with Venezuela.
Speaking at the Irish Open golf championship in Ireland, Trump stated: "We'll ultimately get out [of Iran], unless we decide to stay and keep the oil like Venezuela." He added that US revenue from Venezuela has "paid for the war many times."
The president also reiterated his expectation that the Iran conflict would conclude this year, possibly after the November midterm elections in the United States. Trump asserted that gasoline prices would "drop like a rock" once the war ends.
Diplomatic and Military Context
Trump claimed that Iran has been "calling constantly" for peace talks, though Tehran has previously dismissed such assertions. He emphasized that any deal with Iran would need to meet US demands, stating: "We have to make the right deal. We won't do one that's no good."
The president's remarks follow ongoing disruptions in global oil markets, with prices remaining elevated above $100 per barrel amid regional tensions. A recent attack on a Saudi oil pipeline has further roiled energy markets, with traders anticipating additional volatility.
Comparison to Venezuela Model
Trump referenced the US-Venezuela oil arrangement finalized in August, under which Washington gained access to approximately a fifth of Venezuela's vast oil reserves in exchange for financial and economic commitments. The deal included a $209 billion transfer to Venezuela's state treasury and nearly $100 billion in private investment to revitalize its economy.
The Venezuelan operation, which culminated in the capture and extradition of President Nicolás Maduro earlier this year, involved months of planning by US Special Forces and CIA intelligence support. The US military has since taken a significant role in managing Venezuela's oil sector.
Regional Stability and Diplomatic Efforts
Trump's comments coincided with stalled negotiations over the Strait of Hormuz, a critical waterway for global oil and gas flows. A planned meeting between Gulf countries and Iran to discuss maritime security was postponed on Sunday, with Omani officials citing the need for "consensus" to move forward.
Tensions in the region have escalated in recent months, including reported incidents involving commercial oil vessels in the Strait of Hormuz. The UK Maritime Trade Organization confirmed an "incident" on Saturday in which a vessel was struck by an unknown projectile, resulting in a fire and crew evacuations.
Market and Economic Implications
Analysts warn that prolonged conflict or military engagement in Iran could further destabilize energy markets, exacerbating price volatility. Trump's prediction of a rapid decline in gasoline prices post-conflict has drawn scrutiny, given the complex geopolitical and economic factors influencing global oil supply.
The president's statements have sparked debate over the potential long-term US presence in Iran and the implications for regional sovereignty and international law. Critics argue that such a move could violate international norms, while supporters contend it would secure US strategic and economic interests.