Pete Hegseth says attack took place on Wednesday as Russian foreign ministry warns of ‘unpredictable consequences for the entire western hemisphere’ The Trump administration is not only conducting deadly strikes on alleged Venezuelan drug-smuggling boats, the president has also targeted the country’s main source of income: the oil industry. Venezuela has the world’s largest proven oil reserves and produces about 1m barrels a day. The country’s economy depends on the industry, with more than 80% of output exported. Market analysts at Goldman Sachs said the loss of Venezuelan crude exports owing to Trump’s blockade could cause the market to tighten slightly in the short-term, which would lead to higher prices. But in the longer-term, a political upheaval that would allow for an influx of western oil companies into the country could mean an increase in oil exports and greater supplies in the market. Continue reading...