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Today’s top stories

The Trump administration announced a new U.S. partnership with the Venezuelan government to develop a significant portion of Venezuela’s oil reserves. An official, who spoke to NPR on the condition of anonymity because they are not authorized to speak publicly about the deal, said that the U.S. government is forming a joint venture with a private Venezuelan company. According to the administration, the U.S. will receive 55% of the oil produced from this venture, which is estimated at approximately 65 billion barrels. President Trump says this deal will help lower gas prices, but energy experts are skeptical. Here’s what you need to know.

A man walks past a mural featuring oil pumps and wells in Caracas, Venezuela, as the country faces the prospect of the U.S. reimposing oil sanctions.

Matias Delacroix/AP

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Matias Delacroix/AP

A man walks past a mural featuring oil pumps and wells in Caracas, Venezuela, as the country faces the prospect of the U.S. reimposing oil sanctions.

Matias Delacroix/AP

• 🎧 The deal comes as Venezuela’s democratic future faces uncertainty after the U.S. captured former leader Nicolás Maduro earlier this year, NPR’s Franco Ordoñez tells Up First. The Trump administration had outlined a three-stage strategy for Venezuela that started with stabilization and economic revival before moving to new elections, but Ordoñez says this deal throws these plans into question. Venezuela’s interim President Delcy Rodriguez has touted the deal. Ordoñez says there’s no question that Venezuela needs investment in its oil industry and that the U.S. would benefit from greater access to Venezuelan oil, but there could be political costs. Some in Venezuela and South Florida have pushed back on the deal, saying that the U.S. is undermining Venezuela’s sovereignty and legitimizing an unelected government, Ordoñez says.

The U.S. and Iran have exchanged fire again for the first time in a month. The Islamic Revolutionary Guard said that a U.S. drone attack killed some of its troops on Larak Island, near the Strait of Hormuz. Iran retaliated by targeting U.S. bases in Jordan. The U.S. military said in a statement that it struck the Iranian launch sites after observing Iranian forces preparing to deploy sea mines into the key waterway. The U.S. military finished clearing sea mines from the strait’s international shipping routes just last week, according to U.S. Central Command.

• 🎧 It’s too early to tell whether this incident will turn into a full-blown, days-long exchange of attacks, NPR’s Hadeel-Al Shalchi says. Iran’s Ministry of Affairs said that the country will “not hesitate to exercise the inherent right of self-defense.” The U.S. responded by saying its strikes were not an act of aggression, but “limited and precise” actions aimed at preventing Iranian forces from laying additional mines.

The House of Representatives returns today for one week, and it has one main goal: Fund the government. Funding is set to lapse at the end of September, but this week’s vote could serve as a stopgap until December, preventing a shutdown during the midterm elections. The Senate has already passed the measure, so this House vote is the final step.