Fars News says a Strait of Hormuz blockade has produced the largest historical oil supply shortfall, pushing US fuel prices to new highs and raising US midterm political risk. It characterizes Trump’s Venezuela oil project as an attempt to shape energy expectations and notes Trump’s claim the deal would more than double US oil stocks and cut fuel costs. Fars cites contract figures of 63 billion barrels of heavy crude over 100 years — roughly 1.7 mln bpd — which it says is under half of Iran’s cu

Fars News says a Strait of Hormuz blockade has produced the largest historical oil supply shortfall, pushing US fuel prices to new highs and raising US midterm political risk. It characterizes Trump’s Venezuela oil project as an attempt to shape energy expectations and notes Trump’s claim the deal would more than double US oil stocks and cut fuel costs. Fars cites contract figures of 63 billion barrels of heavy crude over 100 years — roughly 1.7 mln bpd — which it says is under half of Iran’s current daily output and only about 8% of normal Strait of Hormuz export flows.