The United States has partially lifted economic sanctions on Venezuela after Caracas agreed to hold presidential elections next year.

The US Treasury Department said Wednesday it is re-authorizing the purchase of Venezuelan oil and gas for a period of six months, which may be renewed "only if Venezuela meets its commitments under the electoral roadmap as well as other commitments with respect to those who are wrongfully detained."

The authorizations, however, could be amended or revoked at any time if the electoral deal falls through, a statement from undersecretary for terrorism Brian Nelson said.

Washington is also allowing renewed trading in Venezuelan gold and debt securities on the secondary market, although the ban on the primary market —meaning debt securities newly issued by the Venezuelan government — remains in force.

The easing of sanctions on Venezuelan oil had been eagerly awaited by the markets, leading to a fall in the price per barrel despite the war between Israel and Hamas and the risk of escalation in the Middle East.

One condition for the easing of sanctions include a specific timeline and process for the reinstatement of all election candidates by the end of November, US Secretary of State Antony Blinken said in a statement.

"All who want to run for president should be allowed the opportunity," he said, while also calling for the release of "all wrongfully detained US nationals and Venezuelan political prisoners."

The agreement between Washington and Caracas comes just a day after the Venezuelan government and opposition reached a deal in Barbados — mediated by Norway — to hold elections in late 2024.

But that accord allows for the exclusion of certain candidates under Venezuelan law, which would include opposition frontrunner Maria Corina Machado.

US officials speaking on the condition of anonymity Wednesday evening, however, said they believed Caracas was planning to eventually allow such candidates to participate.

"Failure to abide by the terms of this arrangement will lead the United States to reverse steps we have taken," Blinken said in his statement.

Also on Wednesday, a charter flight from Texas arrived at the Simon Bolivar International Airport in Caracas carrying some 130 Venezuelan migrants, the first such deportation flight following an agreement earlier this month between the two countries.

The deal provides for the "orderly, safe and legal repatriation" of undocumented Venezuelan migrants, who until now had been deported in small numbers on commercial flights, mixed in with regular passengers.

Venezuela's opposition, backed by several countries including the US, did not recognize President Nicolas Maduro's 2018 re-election in a vote widely dismissed as fraudulent.

The following year, Washington ramped up sanctions against Caracas first imposed in 2015 over the brutal repression of anti-government protests.

But the energy crisis sparked by Russia's war on Ukraine saw renewed global efforts to solve the crisis in Venezuela, which has the world's largest oil reserves.