Energy experts say the US and China are diverging on the energy transition, with China sprinting far ahead on renewables and EVs, while the US doubles down on drilling oil at home and abroad.

In a social media post on Tuesday, Trump said Venezuela would hand over 30 to 50 million barrels of oil to the U.S., which in turn would sell them at their market price. The resulting funds -- as much as $2.8 billion at current prices -- will “benefit the people of Venezuela and the United States,” Trump said.

U.S. oil prices on Friday settled at their highest level since early December, up by more than 3% for the week. Analysts cited threats to Iran’s oil production as the biggest reason for the rise, even as traders continue to closely watch developments in Venezuela.

The United States seized another oil tanker overnight in the Caribbean Sea, the fifth vessel taken in recent weeks as the Trump Administration intensifies a sweeping effort to choke off Venezuela’s oil exports and assert control over a maritime trade it says is riddled with sanctions evaders.

Oil prices rose on Friday on concerns about potential disruption to Iran's output and uncertainty about supply from Venezuela.

Shell warned that a weak oil-trading performance would weigh on its earnings, compounding what is shaping up to be a challenging period as prices continue to slide.

Oil traders and US refiners are rushing to position for access to Venezuelan crude after the Trump administration said it would take control of as much as 50 million barrels, one of the largest unexpected supply flows in years.

Oil major Chevron Corp , global trading houses Vitol and Trafigura, and other firms are competing for U.S. government deals to export crude oil from Venezuela, according to sources familiar with the matter.