Oil prices rose more than 1% on Thursday as supply concerns resurfaced after U.S. President Donald Trump's revoked a licence granted to U.S. oil major Chevron to operate in Venezuela. Gains were capped,

President Donald Trump says he is reversing a Biden-era grant allowing Chevron to operate within Venezuela on Wednesday. Trump detailed the decision in a lengthy post on Truth Social, stating that Venezuelan President Nicolas Maduro had not upheld his end of the bargain.

The Trump administration, in yet another foreign policy power move, cancels a Biden-era license granted to CVX for producing and exporting oil in Venezuela.