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Iran’s strike on Qatar’s Ras Laffan gas facility will cut an estimated 17% of the country’s Liquefied Natural Gas export capacity for up to five years, officials say. The damage is a major blow to the global energy market, which could disrupt supplies to Europe, Asia and beyond.

WASHINGTON — U.S. 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 as the Trump administration looks for ways to boost world oil supplies during the Iran war.

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.

Separately, the White House said President Trump would waive, for 60 days, Jones Act requirements for goods shipped between U.S. ports to be moved on U.S.-flagged vessels. The 1920s law, designed to protect the American shipbuilding sector, is often blamed for making gas more expensive.

The moves highlight the increased pressure that the Republican administration is under to ease soaring oil prices as the United States, along with Israel, wages a war with Iran without a foreseeable end date. Global oil prices have since spiked as Iran halted traffic through the narrow Strait of Hormuz, where one-fifth of the world’s oil typically passes through from the Persian Gulf to customers worldwide.

The Treasury’s license is designed to incentivize new investment in Venezuela’s energy sector and is intended to benefit both the U.S and Venezuela, while increasing the global oil supply, a Treasury official told the Associated Press. The official was not authorized to discuss the matter publicly and spoke on condition of anonymity.

Since the ouster and arrest of Nicolás Maduro as Venezuela’s president during a U.S. military operation in January, Trump has said the U.S. would effectively “run” Venezuela and sell its oil.

The U.S. license provides targeted relief from sanctions, but does not lift the penalties altogether. The license allows companies that existed before Jan. 29, 2025, to buy Venezuelan oil and engage in transactions that would normally be banned under American sanctions, reopening trade for a major oil producer to global markets.

There are some limits.

Payments cannot go directly to sanctioned Venezuelan entities such as PDVSA, but must be sent instead to a special U.S.-controlled account. In other words, the U.S. will allow the oil trade but will control the cash flow.

Additionally, deals involving Russia, Iran, North Korea, Cuba and some Chinese entities will not be allowed. Transactions involving Venezuelan debt or bonds will not be allowed.

The license is expected to give a massive boost to Venezuela’s oil-dependent economy and help encourage companies that have been apprehensive to invest. The decision is part of the Trump administration’s phased-in plan to turn around Venezuela. But critics of the acting Venezuelan government argue that the move rewards Venezuela’s leadership — all loyal to Maduro and the ruling party — while repression, corruption and human rights abuses continue.

Many public sector workers survive on roughly $160 per month, while the average private sector employee earned about $237 last year, when the annual inflation rate soared to 475%, according to Venezuela’s central bank, and sent the cost of food beyond what many can afford.

Venezuela sits atop the world’s largest oil reserves and used them to power what was once Latin America’s strongest economy. But corruption, mismanagement and U.S. economic sanctions saw production steadily decline from the 3.5 million barrels per day pumped in 1999, when Maduro’s mentor, Hugo Chávez, took power, to less than 400,000 barrels per day in 2020.

A year earlier, the Treasury Department under the first Trump administration locked Venezuela out of world oil markets when it sanctioned PDVSA as part of a policy punishing Maduro’s government for corrupt, anti-democratic and criminal activities. That forced the government to sell its remaining oil output at a discount — about 40% below market prices — to buyers such as China and in other Asian markets. Venezuela even started accepting payments in Russian rubles, bartered goods or cryptocurrency.

The new license does not allow payments in gold or cryptocurrency, including the petro, which was a crypto token issued by the Venezuelan government in 2018.

Meantime, White House press secretary Karoline Leavitt said the Jones Act waiver would help “mitigate the short-term disruptions to the oil market” during the Iran war and would “allow vital resources like oil, natural gas, fertilizer, and coal to flow freely to U.S. ports.”

Hussein and Cano write for the Associated Press. Cano reported from Caracas, Venezuela. AP writer Seung Min Kim contributed to this report.

SANTIAGO, Chile, March 18 (UPI) — The United States is continuing efforts to secure supplies of critical minerals deemed vital to national security. Alongside copper, lithium and silver, one lesser-known metal is drawing increased attention: rhenium.

Used primarily in the aerospace, energy and petrochemical industries, rhenium plays a key role in high-performance applications. Experts say it also holds potential in the global energy transition because it can act as a catalyst in producing green hydrogen.

Chile is the world’s largest rhenium producer, accounting for about 50% of global output. The metal is atomic No. 75 on the Periodic Table of Elements.

Since Friday, Chilean officials have held consultations on critical minerals and rare earth elements with the administration of President Donald Trump, seeking a bilateral agreement to strengthen supply chains and promote strategic investment.

“Chile controls nearly half of a mineral that the United States and China cannot produce in sufficient quantities. Washington reinstated rhenium to its critical minerals list in 2025 and explicitly included it in the bilateral mining agreement with Chile. That makes it a genuine geopolitical asset, not just a mining one,” mining market specialist Víctor Pérez, an engineering professor at Adolfo Ibáñez University, told UPI.

Manuel Reyes, a mining engineering professor at Andrés Bello University, said the United States considers rhenium a national security priority because of its critical role and a lack of substitutes in aerospace and defense.

“Although rhenium does not carry the financial weight of copper or lithium, it functions as a reputational asset that keeps Chile on global strategic radars. More as a necessary logistics partner than as a decision-making power,” he said.

Pérez said Chile’s rhenium exports are expected to range between $100 million and $200 million this year, compared with an estimated $60 billion in copper exports. Still, he said its strategic importance is unique “because it has no real substitute in aerospace and defense applications.”

Chile holds the world’s largest reserves at 1,300 metric tons, followed by the United States with 400 metric tons, Russia with 310 metric tons and Kazakhstan with 190 metric tons, according to Reyes.

Rhenium trades at about $2,000 per kilogram, though prices have climbed in 2026 to roughly $6,000 per kilogram, he said.

About 70% to 80% of global rhenium is used in superalloys for aviation and defense turbines. “It is the metal that allows aircraft engines and military turbines to withstand extreme temperatures without deforming,” Pérez said.

Rhenium is known as a by-product mineral because it is not found alone, but rather extracted from copper-related ores, which makes production complex. Chile’s large-scale copper mining operations enable its recovery, as processing captures gases released during molybdenum concentrate roasting and chemically extracts the metal.

Reyes said Chile remains highly dependent on external demand.

“Reserve management and supply continuity depend on the technical and national security requirements of powers such as the United States, which ultimately drive demand,” he said.