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. However, investors were still keeping an eye on signs of a potential peace deal in Ukraine,

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

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.