Oil Prices Fall as US Relaxes Sanction on Venezuela’s Export
Oil prices declined in the global commodity market on Friday after the U, S eased sanctions on Venezuelan crude, reducing near-term supply concerns following a recent rally.
Brent crude traded at $68.32 per barrel, down 1.7% from the previous close of $69.54. US benchmark West Texas Intermediate (WTI) declined 1.9% to $64.02 per barrel, compared with $65.25 in the prior session.
Prices retreated after Washington partially relaxed sanctions on Venezuela’s state-owned oil company, Petroleos de Venezuela SA (PDVSA), allowing certain transactions related to the sale and transportation of Venezuelan-origin crude.
The move followed a climb in oil prices to their highest levels in about six months on Thursday, driven by concerns over a potential US military intervention against Iran and supply disruptions caused by severe cold weather in the US.
In Venezuela, a draft reform of the Organic Law on Hydrocarbons aimed at facilitating foreign participation in the oil industry was unanimously approved by the National Assembly.
US President Donald Trump also said at the White House during the first Cabinet meeting of 2026 that Venezuela’s airspace would be reopened to commercial flights. Trump added that major US oil companies had begun traveling to Venezuela to select sites for their projects.
These developments helped ease supply concerns, putting downward pressure on prices.
Despite the pullback, prices remain elevated, with markets focused on the risk of a potential US military action against Iran, as well as an upcoming meeting of the Organization of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+.
No changes to production levels are expected at the meeting on Sunday of the eight OPEC+ member countries. | Oil Prices Fall as US Relaxes Sanction on Venezuela’s Export
