The Globe and Mail reports in its Thursday edition that the U.S. Treasury Department has eased sanctions on Venezuela's state-owned oil company, Petroleos de Venezuela, allowing it to sell oil directly to companies in the United States and globally. An Associated Press dispatch to The Globe reports that this marks a significant shift in policy, as Washington had previously restricted dealings with Venezuela's government and oil sector. Separately, the White House said Mr. 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 Republican administration is facing pressure to ease rising oil prices as the U.S. and Israel engage in a prolonged conflict with Iran. Global oil prices have surged since Iran halted traffic through the Strait of Hormuz, a key route for one-fifth of the world's oil. The Treasury's licence 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 AP.