In the coming days, the U.S. Treasury reportedly plans to issue additional licenses to specific companies to operate in Venezuela's oil sector, in an attempt to boost production and offset crude price increases stemming from the war in Iran, Bloomberg reported on March 17.

The Treasury will reportedly grant licenses to a subsidiary of India's state-owned ONGC Videsh, Swedish Maha Capital AB and Brazilian J&F Investimentos, the holding of meatpacking giant JBS. The U.S. government also plans to implement a broader framework to facilitate more companies' entry into Venezuela. The conflict in Iran has led to a surge in crude prices in recent days, while the closure of the Strait of Hormuz could keep prices high for an extended period of time, leading to a global increase in fuel prices, transport costs and overall inflation. So far, the U.S. Treasury has issued licenses for Chevron, BP, Shell, Repsol, Eni and Maurel & Prom.