Trump announces new U.S. oil refinery with backing from India's Reliance

President Donald Trump announced what he called a 'historic' deal for the first new oil refinery in the United States in 50 years. He said the project in Texas would involve a $300 billion investment from India's Reliance Industries, led by Mukesh Ambani.

Reliance itself has not officially confirmed the deal or its financial details. The announcement caused mixed reactions in financial markets, with Reliance's share price showing no clear direction following Trump's statement.