The Iran War Has Put Venezuela’s Oil Back in the Spotlight

By Editorial Dept - Sep 04, 2026, 7:30 AM CDT Politics, Geopolitics & ConflictThe U.S. restarted major strikes on Iran this week, hitting missile, radar, and other military installations along the southern coast and on Larak Island. Iran retaliated against U.S. positions across the Gulf and Jordan, and also continued attacking commercial shipping, with two supertankers carrying Saudi crude struck near Hormuz and two sailors killed aboard a Saudi-owned vessel. The civilian toll from the renewed U.S. campaign is drawing scrutiny after a strike hit a wedding in southern Iran, killing five people and injuring dozens, which Vance says is now being investigated. The shipping losses are piling up as well, with more than 70 attacks recorded since the war began and maritime insurers now facing roughly $2 billion in war-risk claims. Hormuz premiums have risen to as much as 40-60X prewar levels, with Lloyd’s List estimating insurance alone is adding roughly $7-$8 to the cost of a barrel. There is no diplomatic track to offset the military escalation for now: Vance said Thursday the U.S. will not negotiate while Iran continues attacking commercial shipping.Chevron is putting more than $7 billion into Venezuela over the next five years in a major bet that Trump’s overhaul of the country’s oil sector will hold. The company plans to more than double its Venezuelan production to around 600,000 bpd. At the same time, U.S.-backed NABEP (North American Blue Energy Partners) has secured majority control of a company holding… COMMUNITY MEMBERSHIP (FREE) GLOBAL ENERGY ALERT ($697 $279 PER YEAR) Breaking energy stories before they hit the mainstream media Top quality analysis from industry veterans Exclusive investment opportunities Digestible data breakdowns Geopolitical insights from our network of over 600 operatives Risk-free 30-day money back guarantee