The United States has completed its first sale of Venezuelan oil, valued at $500 million, according to an administration official.

Key Takeaways Venezuela's collapse in oil production stems from nationalizations that drove out technical expertise, sanctions that blocked investment and buyers, and having a heavy crude that's expensive to extract.

Oil prices fell in Asian trade on Friday, extending losses from the previous session, as concerns about supply risks eased after the likelihood of a U.S. strike on Iran receded.

The United States is considering whether to strike Iran as turmoil intensifies for the country’s authoritarian regime.

An abrupt surge in oil prices could cause inflation to rise and spark volatility in markets. Brent on Tuesday jumped to the highest level since November.

The United States has sold its first cargo of Venezuelan crude since the removal of President Nicolás Maduro, raising $500 million and setting the stage for expanded oil flows and renewed trader interest.

The Trump Administration secured its first sale of Venezuelan oil since its aggressive military operation in the South American country that led to the capture of the nation’s president, Nicolás Maduro.

A recent U.S. Geological Survey assessment of previously undiscovered gas and oil in Texas' Permian Basin has found that there are enough resources there to fuel the entire nation for months.

There's renewed focus on the oil industry since the U.S. seized Venezuela's president. The benefits for Texas, which has many oil companies and the most refining capacity in the U.S., could be mixed.

Simultaneous geopolitical flare‑ups in Venezuela, Iran and the Black Sea have pushed oil prices to a three‑month high, creating a treacherous environment for investors even as a large supply glut still looms over the market.

The companies that turn oil into gasoline and diesel are likely to benefit more, right away, than the businesses that pump oil out of the ground.