Trump Venezuela Oil Deal Adds 65 Billion Barrels to US Reserves

"This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States," Trump wrote.

The deal comes as consumers face higher energy prices ahead of the midterm elections. The average price of a gallon of gas in the U.S. reached about $4.09 on Friday, a 27% increase year over year, according to AAA. Trump said the Venezuela deal should bring down prices at the pump.

West Texas Intermediate crude fell 4% this week, the first losing week in three. Still, prices have risen more than 24% since the U.S. war with Iran began. The conflict has disrupted shipping through the Strait of Hormuz, a critical passageway for crude. Only a handful of ships have crossed the strait each day recently, down from about 100 a year ago, according to the International Monetary Fund's PortWatch tracker.