The U.S. government restored Chevron’s operations in Venezuela on Thursday, though under certain restrictions. The move marks a significant shift from the hardline pressure strategy adopted earlier this year by President Donald Trump’s administration against Nicolás Maduro’s regime.

The decision comes just days after both governments negotiated a prisoner and detainee swap: Caracas released 10 U.S. citizens, while Washington authorized the return of 252 deported migrants detained in El Salvador.

Although full details of the agreement remain undisclosed, U.S. officials confirmed that Maduro’s administration will not financially benefit from the oil sales. The key condition of the deal ensures that no royalties or taxes will flow to the socialist leader’s government.

The announcement had an immediate impact on the market. Oil futures pared earlier gains after news broke, reflecting concerns that increased supply could pressure prices in an already fragile market. Meanwhile, Venezuela’s defaulted sovereign bonds extended recent gains, boosted by optimism surrounding Washington’s softer stance.

The new license allows the Houston-based energy giant to resume production in Venezuela, following a previous order in May to scale down operations. This could help inject much-needed U.S. dollars into Venezuela’s struggling economy.

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Supporters of Chevron’s return argued that without U.S. involvement, Venezuelan oil would largely benefit China. Oil prices and American leadership in energy production also weighed heavily on Trump’s decision. However, Secretary of State Marco Rubio, a long-time opponent of commercial engagement with Caracas, could still attempt to block or limit the scope of the new authorization.

It is still unclear whether similar concessions will be granted to Italian oil major Eni or Spain’s Repsol, which have requested U.S. approval to swap fuel for Venezuelan crude.

“Chevron conducts its business globally in compliance with applicable laws and regulations governing its operations, as well as U.S. sanctions frameworks, including in Venezuela,” said Chevron spokesperson Bill Turenne in a statement.

The U.S. had previously revoked Chevron’s license earlier this year as part of Trump’s pressure campaign on Maduro. Now, the reinstatement could mark a critical turning point—reintroducing a vital American oil presence in Venezuela and delivering much-needed cash flow to an economy in deep decline.

Chevron remains the only major U.S. oil company still operating in Venezuela, underscoring its strategic importance for both nations.

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Mexican President Claudia Sheinbaum condemned on Friday the growing famine in Gaza and issued a call for peace between the State of Israel and the State of Palestine.

“Of course, we condemn what is happening right now (in Gaza), and Mexico is putting all its words and actions toward building peace between these two states,” the president stated during her daily press conference.

She also stressed that in “all international forums” and before Mexico’s representation at the United Nations, her administration has “publicly” voiced its appeal for peace between both territories.

President Sheinbaum is among the international leaders who have recognized both the Palestinian State and the State of Israel, while reiterating the urgent need to find a peaceful resolution in light of U.S. interventions in Gaza.

Her condemnation joins others from Latin America, including Chilean President Gabriel Boric, who called for an end to what he referred to as the “Palestinian genocide,” and the Government of Uruguay, which issued an “urgent” appeal for Israel to allow the entry of humanitarian aid through the United Nations to address the “widespread famine” in Gaza.

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Since the beginning of its military offensive against Gaza on October 7, 2023, Israel has severely restricted the entry of food, medicine, and fuel, triggering an unprecedented humanitarian crisis.

The situation worsened in March when the Israeli army completely blocked aid deliveries until the end of May.

U.S. Commerce Secretary Howard Lutnick warned on Thursday that TikTok “will go dark” if no agreement is reached with Chinese authorities by September 17 regarding the creation of a new company to operate the app in the United States, as required by the Trump administration.

In an interview with CNBC, Lutnick reiterated that Washington’s proposal allows ByteDance—the Chinese parent company of TikTok—to retain a “small stake” in the newly created U.S.-based entity, which is necessary for the app to remain accessible to American users.

For national security reasons, the U.S. government insists that TikTok must be operated by an entity entirely separate from its Chinese parent.

“If the Chinese don’t approve it, TikTok will go dark,” Lutnick warned, referring to the deadline set by Washington back in April. He emphasized, “The deal is in their hands now.”