Former U.S. President Donald Trump announced a significant oil agreement with Venezuela while cautioning that it would not immediately reduce gasoline prices. Venezuelan oil production and exports have been substantially constrained by U.S. sanctions, limiting the deal's near-term effect on supply. The U.S. national gasoline average stood at about $4.08 per gallon at the end of August 2026. In prediction markets, the probability of crude oil reaching a new all-time high by September 30 edged lower to 2.3% YES, suggesting traders see the agreement as potentially easing longer-term supply constraints but not resolving immediate price pressures. Market participants will monitor Venezuelan production, geopolitical developments, U.S. sanctions, and OPEC production strategies, alongside statements from OPEC's Mohammad Sanusi Barkindo and IEA's Fatih Birol.