Bangladesh, July 31 -- In a somewhat striking (and underreported) reversal, the Trump administration has authorized Chevron to resume oil operations in Venezuela, granting a six-month license to extract and export crude to the United States. This comes just months after Trump had revoked the companys license in February, citing electoral irregularities and failed promises on migrant repatriation. The decision thus marks a notable shift in Washingtons traditionally hostile posture toward Caracas.

US-Venezuela relations have indeed long been defined by sanctions, diplomatic standoffs, and ideological confrontations. Trumps first term saw the recognition of opposition leader Juan Guaidó and a “maximum pressure” campaign tha...