Oil companies reconsider Venezuela as Hormuz flows stay constrained and Trump touts U.S.-Iran peace deal

The U.S. government is pressing international oil companies to move from nonbinding memorandums of understanding to binding development contracts in Venezuela, as market uncertainty over Middle East supply persists with crude flows through the Strait of Hormuz largely shut. Venezuela has begun setting aside oil fields for firms that sign MOUs, and several U.S. companies are advancing toward binding deals, including Exxon sending a technical team and Chevron exploring production expansion. Washington has also allowed changes to dispute-resolution terms under Treasury general licenses, a step aimed at easing contract negotiations. The push does not immediately add output, but it has raised expectations of near-term supply flexibility.