Scoop: Trump eases Venezuela sanctions on oil, fertilizer to blunt Iran war costs

The Treasury Department on Friday authorized U.S. businesses and farmers to purchase Venezuelan fertilizer and oil, as well as provide goods and services to Venezuela's electricity and petrochemical sectors. The sanctions relief comes as Iranian attacks have created tanker bottlenecks in the Persian Gulf, driving up oil and fertilizer prices that threaten to spike U.S. inflation and food costs. Treasury Secretary Scott Bessent aims to increase U.S. supplies and lower prices by tapping oil-rich Venezuela's resources. The move is part of broader efforts to reintegrate U.S. and Venezuelan economies after the U.S. ousted strongman Nicolas Maduro on January 3. The authorizations also permit U.S. companies to negotiate new contracts for developing Venezuela's oil and natural gas supplies.