[Up First] Trump Venezuela Oil Deal, US & Iran Renew Strikes, House Back From Recess

President Trump announced that the United States will take majority control — roughly 55% — of a joint venture

with a private Venezuelan company, giving Washington access to more than 65 billion barrels of Venezuelan oil reserves. Trump framed the deal as a way to lower domestic gas prices, though analysts warn it could take years to materialize given the severely run-down state of Venezuela’s oil infrastructure.

The agreement raises serious questions about U.S. policy goals in Venezuela. After the capture of former leader Nicolás Maduro earlier this year, Washington had outlined a three-phase plan moving from stabilization toward democratic elections. Critics argue this oil deal effectively throws that roadmap into question,

since the deal depends on Venezuela’s current unelected government remaining in power. A former White House Venezuela adviser warned that democracy has fallen off — or very low on — Washington’s list of priorities.

There is also significant pushback in Venezuela and among Venezuelan-American communities in South Florida. Critics argue the arrangement feeds into

longstanding perceptions of American imperialism in Latin America and risks provoking another nationalist backlash of the kind that brought Hugo Chavez to power and led to the nationalization of Venezuela’s oil industry decades ago.

For the first time in nearly a month, the United States and Iran exchanged military strikes. U.S. forces attacked two Iranian launch sites on Larak Island, near the Strait of Hormuz,

after observing Iranian forces preparing to deploy sea mines into the waterway. U.S. Central Command described the strikes as “limited” and “precise,” noting that American forces had only just finished clearing the strait’s international shipping lanes of mines the previous week.

Iran retaliated

by firing ballistic missiles at U.S. bases in Jordan, with the Jordanian military intercepting eight incoming missiles. Iran also launched drones toward the UAE, which were similarly intercepted. In a separate incident, a supertanker was struck by naval mines in the strait and caught fire; Iranian forces warned that any vessel navigating without their authorization would face the same consequences.

It remains unclear whether this exchange will escalate into a prolonged series of attacks. Iran’s foreign ministry stated that Tehran would not hesitate to exercise its right of self-defense, while U.S. officials maintained that Sunday’s action was a defensive measure, not an act of aggression. The previous wave of U.S. strikes had ended in late July when President Trump ordered a pause after consulting Gulf partners — including the UAE, Kuwait, Saudi Arabia, and Bahrain — who have had to bear the brunt of

Iran’s retaliatory strikes.

The House of Representatives returned from recess for a single week with one primary task: passing a government funding bill to keep federal operations running through Election Day. The Senate has already approved the measure, and President Trump has signaled support, making passage in the House the final hurdle. The urgency is heightened by closing in midterm elections,

which give Congress little room for a government shutdown that could damage the party at the polls.

Beyond the funding vote, Republicans are struggling to find a political message that resonates with voters. Persistently high consumer prices and a president whose approval ratings remain low have complicated the party’s position heading into the fall campaign season. GOP leaders are hoping a clean legislative win on the funding bill, combined with economic messaging, can help stabilize their standing before voters go to the polls.