US eases Venezuela sanctions to allow oil, fertilizer trade amid Iran war

The US Treasury Department eased some sanctions against Venezuela on Friday, making it easier for American businesses and farmers to buy Venezuelan oil and fertilizer as prices rise amid the war with Iran.

The Treasury's Office of Foreign Assets Control (OFAC) updated several Venezuela-related licenses to expand permitted investment and activities in the energy sector.

A US Treasury Department official said the authorizations are intended to help revitalize Venezuela's energy sector while supporting global commodity supplies.

"These authorizations expand permitted investment and activities in Venezuela's energy industry and allow for the export of fertilizer directly to the US to support our great American farmers," the official said in a statement.

The move comes as supply disruptions in the Strait of Hormuz amid the US-Israeli war with Iran have pushed up global oil and fertilizer prices.