US companies will be allowed to do business with Venezuela's state-owned oil and gas company after the Treasury Department eased sanctions, with some limitations, on Wednesday.

U.S. eases sanctions on Venezuela's oil, allowing sales to boost global supply amid rising prices during the Iran conflict.

The Treasury Department is easing sanctions on Venezuela’s state oil company, with some limits.

The Treasury issued a broad authorization allowing Petróleos de Venezuela S.A, or PDVSA, to directly sell Venezuelan oil to U.S. companies and on global markets, a massive shift after Washington for years had largely blocked dealings with Venezuela’s government and its oil sector. US Eases Venezuela Oil Sanctions As Donald Trump Seeks To Boost World Oil Supply During Iran War.

The Treasury Department is easing sanctions on Venezuela’s state oil company in an effort to ease oil prices that have soared during the Iran war.