Trump claims seized Venezuelan oil has paid for Iran war costs '25 times over'

SUFFERN, NEW YORK: Back in January, when the United States launched a targeted military operation in Caracas, President Donald Trump not only oversaw the capture of former Venezuelan leader Nicolas Maduro, but also signalled his intention to capitalize on the country’s massive oil wealth.

The commander-in-Chief is now touting the operation as a massive success, boasting that the Venezuelan oil seized by the US had more than covered the cost of the ongoing Iran war.

Trump boasts about results of Venezuela attack

Trump, on Friday, May 22, took to the campaign trail for Republican representative Mike Lawler, addressing supporters at SUNY Rockland Community College in Suffern, New York.

During the rally, Trump declared that the oil acquired from the nation had "paid for the cost" of the war in Iran.

"By the way, how did we do in Venezuela? Not bad," Trump asked the crowd, who responded with cheers. "We've taken out so much oil in Venezuela, we've paid for the cost of the war about 25 times over."

While the full financial impact of the Iran war remains unclear, the Pentagon has estimated that the conflict has already cost the US between $25 billion and $50 billion in direct, unplanned military spending.

Economists and defense analysts, however, warn that the broader long-term economic damage, including reconstruction, equipment replacement, and wider market fallout, could eventually soar to anywhere between $630 billion and $1 trillion.

Reports claim the US is preparing for new military strikes against Iran

Trump’s statement came as reports suggested that his administration has been preparing for a fresh round of military strikes against Iran, according to sources with direct knowledge of the planning, even as diplomacy continued.

Several members of the US military and intelligence community reportedly scrapped their Memorial Day weekend plans amid growing expectations of potential military strikes, sources said.

Trump was also supposed to spend Memorial Day weekend at his golf property in New Jersey, but will now return to the White House.

Earlier, a post on Trump’s Truth Social also confirmed that "circumstances pertaining to Government" are keeping him from attending his son Donald Trump Jr's wedding this weekend.

The US.and Iran have largely refrained from striking each other since a temporary ceasefire began in early April, buying time for indirect talks on a longer-term deal.

White House spokesperson Anna Kelly told CBS News that Trump has "made his redlines abundantly clear: Iran can never possess a nuclear weapon, and they cannot keep their enriched uranium."

"The President always maintains all options at all times, and it is the job of the Pentagon to be ready to execute any decision the Commander-in-Chief could make," Kelly said. "The President has been clear about the consequences if Iran fails to make a deal."