The US energy official announced that Washington intends to help significantly increase oil, gas, and electricity production in Venezuela this year by issuing new licenses, These licenses will allow domestic and foreign companies to invest, boost energy production, and strengthen employment and export revenue in Venezuela, During meetings in Caracas, both sides discussed establishing a long-term partnership with energy as the driving force of bilateral relations.

The US House of Representatives passed a bill to repeal import tariffs on Canada, increasing pressure on Trump’s trade policy, This vote comes ahead of the midterm elections and highlights concerns about the impact of tariffs on living costs, However, Trump is expected to veto the bill, and opposition from some Republicans indicates an intraparty divide

Oil prices moved toward recording their first consecutive weekly loss in 2026 as concerns over tensions with Iran eased and risk aversion strengthened across global markets. The International Energy Agency warned that the global market could face a surplus of about 3.7 million barrels per day in 2026, indicating that supply growth has outpaced demand. At the same time, slowing global demand growth and increased production following the easing of OPEC Plus restrictions have reinforced expectations of market saturation and added downward pressure on prices. Overall, reduced geopolitical risk, combined with surplus supply projections, has been the main factor weakening oil prices and keeping the market volatile.

Israel’s Prime Minister Benjamin Netanyahu stated that Donald Trump’s actions may create the conditions necessary to reach a new agreement with Iran and avoid military action. Referring to his recent meeting with Trump, Netanyahu said any agreement must include halting Iran’s nuclear program, limiting ballistic missiles, and restraining proxy forces. While Washington has threatened potential military action if no agreement is reached, Tehran has said it is ready to discuss nuclear limitations in exchange for sanctions relief, but considers its missile program non-negotiable.