Oil prices fell on reports of potential Venezuelan supply and as U.S.-Iran tensions over the Strait of Hormuz remain in focus. Venezuela may exit OPEC.
Sources reveal the US is close to securing a long-term deal for access to Venezuela's crude oil reserves, involving American companies developing fields.
US in talks for a 100-year lease on Venezuelan oil fields, aiming to boost domestic supply amidst global energy volatility. This could reshape Western Hemisphere energy policy.
Iran's security official details conditions for reopening the Strait of Hormuz, critical for global oil. Demands include lifting sanctions and ending conflict.