US-Iran War Escalates; Venezuela Oil Exports Gain Strategic Relevance

The US has restarted major strikes on Iran, targeting military installations and Larak Island, while Iran retaliates against US positions and continues attacking commercial shipping near Hormuz, killing two sailors. The conflict's impact on global oil supply is elevating Venezuela's oil as a potential alternative source, though its production capacity remains constrained. The civilian toll from US strikes is drawing scrutiny, adding political pressure.