A permit issued by the United States government allowing energy giant Chevron Corp. to pump and export Venezuelan oil will be terminated this week.

Oil prices rose more than 2% on Thursday as supply concerns resurfaced after U.S. President Donald Trump revoked a licence granted to U.S. oil major Chevron to operate in Venezuela. Investors were still keeping an eye on signs of a potential peace deal in Ukraine,

US President Donald Trump says he will revoke a license which allowed Venezuela to export some of its oil to the US despite sanctions. The move is a major blow to the Venezuelan government as the license provided it, through joint ventures between the state-run oil company and US oil giant Chevron, with a crucial income in dollars.