In August 2026, the United States reached an agreement to take majority control of over 65 billion barrels of proven oil reserves in Venezuela

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President Volodymyr Zelensky offered to halt strikes on Russian oil refineries if Russia stops hitting Ukraine's power infrastructure, the U.S. allows Starshield over Russia, or supplies Ukraine with Patriot missiles

Attacks on oil tankers in the Strait of Hormuz drove Brent crude oil prices above $117 per barrel, marking an 80 percent increase in 2026

The Islamic Revolutionary Guard Corps reported that seven oil tankers were attacked or hit mines in the Strait of Hormuz overnight into October 22, 2026, followed by two supertankers on October 23

Algerian state energy company Sonatrach is working with Niger and Nigeria on the Trans-Saharan Gas Pipeline to transport natural gas through Niger and Algeria to European markets

Senator Flávio Bolsonaro pledged during his presidential campaign to align Brazil with a US-led security alliance and offer Brazilian rare earth mineral reserves to Washington instead of China

In 2022, Algerian energy company Sonatrach signed a production-sharing agreement with Niger's petroleum ministry for the Kafra region, where two exploration wells held proven reserves of 168 million and 100 million barrels of oil

President Luiz Inácio Lula da Silva signed a national policy law for critical minerals and maintained trade relationships that brought a record $6.1 billion in Chinese investment across 52 projects to Brazil

Algerian Sen. Belkacem Boulghiti stated that Algerian troops are being deployed to Niger to protect Algeria's economic infrastructure and strategic interests, particularly oil facilities

U.S. Treasury Secretary Scott Bessent stated that reducing energy prices depends on resolving the military conflict with Iran, noting that the United States is experiencing an energy shock

Saudi Aramco Chief Executive Officer Amin Nasser stated that capacity on the East-West pipeline bypassing the Strait of Hormuz surged threefold from 2 million to 7 million barrels daily amid the energy crisis caused by the Iran war

International Brent crude oil benchmark prices rose above $111 per barrel on October 22, 2026, as the national average gasoline price in the United States reached $4.27 per gallon

Saudi Aramco Chief Executive Officer Amin Nasser stated that the company has been using drones to assess pipeline damage and assist with firefighting

Houthi military spokesperson Yahya Saree claimed on October 24, 2026 that the group launched attacks against a Saudi Aramco facility in Yanbu, the Rabigh oil refinery, and the East-West pipeline

President Donald Trump blamed Ukrainian drone attacks on Russian oil refineries for rising fuel prices ahead of the November 3, 2026 U.S. midterm elections

U.S. Secretary of State Marco Rubio scheduled a visit to Jamnagar, Gujarat on October 21, 2026 to tour the Reliance oil refinery and the Vantara animal facility

U.S. President Donald Trump suspended certain energy sanctions against Russia and five major buyers of Russian oil, including India

The U.S. Department of State expressed support for increased U.S. energy exports to India to help meet consumer demand and diversify Indian supply chains

U.S. Secretary of State Marco Rubio stated that the United States will discuss with Reliance Industries the refining of Venezuelan crude oil and oil production in Venezuela

President Donald Trump announced an agreement on October 9, 2026, allowing Russia to supply diesel to the global market, authorized via Treasury General License 135 through April 7, 2027.

President Donald Trump stated that allowing Russian diesel onto the global market aims to lower fuel prices for American consumers and signal potential economic benefits to Moscow.