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,

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

The move appears to end the U.S. company’s work in the oil-rich country and was prompted by what President Trump said was strongman Nicolás Maduro’s failure to accept deportees.