Story perspectives

Trump Says U.S. Can Keep Iran Oil, Prices Drop

By Drooid · Sep 14, 2026, 2:52 AM UTC · How we work

Summary

Story summary

U.S. President Donald Trump said the United States could stay in Iran and keep its oil, likening it to Venezuela.
Trump added gasoline prices would “drop like a rock” once the Iran war ends.
Trump expects the Iran war to end this year, possibly after the November 2025 midterm elections.
The administration announced an August deal giving the United States control of 65 billion barrels of Venezuela’s proven oil reserves.

History

Historical Context

The October 1973 OAPEC oil embargo, launched after the U.S. resupplied Israel in the Yom Kippur War, cut Arab oil shipments to the United States and drove world crude from $3 to $12 per barrel—a roughly 300 % jump. Nixon responded with emergency oil-allocation controls and secured a March 1974 embargo lift, a precedent cited in today’s debates over gasoline prices.

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Story summary

U.S. President Donald Trump said the United States could stay in Iran and keep its oil, likening it to Venezuela.
Trump added gasoline prices would “drop like a rock” once the Iran war ends.
Trump expects the Iran war to end this year, possibly after the November 2025 midterm elections.
The administration announced an August deal giving the United States control of 65 billion barrels of Venezuela’s proven oil reserves.

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