Oil prices rose more than 2% on Thursday as supply concerns resurfaced after U.S. President Donald Trumprevoked a licence granted to U.S. oil major Chevron to operate in Venezuela.

US President Donald Trump’s plan to revoke Chevron Corp.’s operating license in Venezuela threatens to force the nation’s oil sector back into the shadows, paving the way for corruption and huge discounts in the Asian market.

The licence reversal was attributed to President Nicolas Maduro's lack of progress on electoral reforms and migrant returns.