The US Treasury Department has eased sanctions on some Venezuelan oil companies in an apparent bid to boost global oil supply amid a deepening economic crisis. The license authorizes Petróleos de Venezuela, S.A. (PdVSA) and any entity it holds majority ownership in to sell Venezuelan oil and petroleum products directly to U.S. companies, with some restrictions. The Treasury will still control the cash flow from these transactions. The move comes as the US and Iran struggle for control of the Strait of Hormuz, where shipping through the strait has been halted due to Iranian threats and attacks. The White House also announced it would waive Jones Act shipping requirements for 60 days, aimed at reducing rising gas prices.