President Trump said Wednesday he was revoking a Biden-era license allowing Chevron to produce oil in Venezuela over what he said was strongman Nicolás Maduro’s failure to assist in deporting migrants.

Oil prices climbed for the first time in three days on Thursday, with supply worries resurfacing after U.S. President Donald Trump announced a reversal of a license given to Chevron to operate in Venezuela.

The move, set to take effect March 1, comes as the Trump administration resets foreign relation policies stretching back decades.

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

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

U.S. President Donald Trump announced on Truth Social that he is revoking a license granted to Chevron (NYSE:CVX) in November 2022, citing Venezuelas failure to meet electoral conditions and migrant return agreements.

The United States is rescinding a Treasury license allowing Chevron to produce and export oil from Venezuela, despite U.S. sanctions, President Donald Trump said Wednesday, because President Nicolás Maduro was not legitimately elected and has not accepted Venezuelans deported from this country fast enough.

US President Donald Trump said Wednesday he was revoking permission for oil giant Chevron to operate in Venezuela, removing a crucial source of revenue in a wobbly economy run by leftist adversary Nicolas Maduro.

The move appeared to end Chevron’s work in the oil-rich country and was prompted by what the president said was a failure to accepted deportees.

President Donald Trump said he plans to revoke Chevron Corp.’s oil license to operate in Venezuela, threatening to torpedo the nation’s slow economic recovery.