Washington, 19 March 2026 (dpa/MIA) - The United States is easing its sanctions against the Venezuelan oil sector and authorizing extensive transactions with the state-owned oil company PDVSA.

All transactions are permitted under certain conditions, the US Department of the Treasury said in a statement on Wednesday.

The move comes at a time when oil prices have risen sharply as a result of the war in Iran, started by the US and Israel on February 28.

Oil prices have reached their highest level for years, partly because shipping traffic through the Strait of Hormuz - the world's most important oil trade route - has been disrupted. Against this backdrop, Venezuela, with its large oil reserves, is once again moving to centre stage.

Accordingly, US companies are now once again allowed to do business with the state-owned company and its subsidiaries on a large scale.

Transactions relating to countries such as Russia, Iran or North Korea, among others, remain exempt. Payments to government agencies are to be processed via accounts controlled by the US.

US also allows trade in Venezuelan gold

Washington had already gradually eased sanctions on Venezuela recently. The first comprehensive exemptions for oil transactions were granted at the end of January, but the latest relaxation goes further and now mostly allows comprehensive transactions with the state-owned company.

The US also recently re-authorized trade in Venezuelan gold.

Oil-rich Venezuela has been in a phase of political upheaval since the US overthrew authoritarian leader Nicolás Maduro at the start of the year.

The US and the interim government led by former vice president Delcy Rodríguez have since agreed to resume diplomatic relations to support economic recovery and political stabilization. The two sides have been discussing for weeks a stronger collaboration in expanding oil and raw material production.

US President Donald Trump wants to utilize Venezuela's vast oil reserves for the benefit of the US. This also includes control over the country's crude oil sales.

Photo: dpa