The Trump administration on Thursday reportedly renewed a license for oil major Chevron (CVX) to continue pumping oil in Venezuela. According to a Bloomberg report, citing sources familiar with the matter,

Seizures of more tankers could put a stranglehold on Venezuela’s economy, which is exceptionally dependent on oil to keep the government running and pay for basic necessities.

The Skipper was seized amid growing tensions between the Trump administration and Venezuelan President Nicolás Maduro in a conflict that has implications for the oil industry in Houston and beyond.

Venezuela's oil exports have fallen sharply since the United States seized a tanker earlier this week and imposed fresh sanctions on shipping companies and vessels doing business with the Latin American oil producer,

Chevron is flying employees from Caracas to its oil production sites in Venezuela despite a US warning that air travel in the region may be unsafe due to military satellite interference.

US-Venezuela tensions are rising as tanker seizures and sanctions target oil exports. Here is how the pressure affects Venezuela’s economy, oil revenues, inflation, and what investors should watch in global markets.

On Wednesday, the Trump administration seized an oil tanker off the coast of Venezuela; it was reportedly carrying Venezuelan oil. “Well, we keep it, I guess,” President Trump told reporters at the White House — adding that “other things” involving Venezuela “are happening” as well.

Chevron Corp. is flying employees from Caracas to its oil production sites in Venezuela despite a US warning to operators that air travel in the region may be unsafe due to military satellite interference.

The U.S. ‌government ​carried out its seizure ‌of the M/T Skipper off the coast of Venezuela ​on Wednesday just as a judge-signed warrant was set to expire, according to ‍the document which was ​unsealed on Friday.