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,

President Trump appears to be revoking a license that the Biden administration gave Chevron in 2022, potentially hurting the company and Venezuela.