Oil Prices Jump more than 2% as Trump Cancels Chevron License in Venezuela

Oil prices rose more than 2% during trading on Thursday with renewed concerns about supplies after US President Donald Trump revoked the license of US oil giant Chevron to operate in Venezuela.

However, investors are still watching for any signs of a possible peace agreement to end the war between Russia and Ukraine, which could lead to an increase in Russian oil flows.

Brent crude futures rose 2.08% to $74.04 a barrel at the settlement. US crude futures also rose 2.52% to settle at $70.35 a barrel.

Latest Oil Prices:

WTI Crude $70.06 -0.41%

Brent Crude $74.04 +2.08%

Murban Crude $76.70 +2.80%

Louisiana Light $72.07 +0.17%

Bonny Light $78.62 -2.84%

Mars US $73.22 -1.56%

Gasoline $1.997 +2.45%

Natural Gas $3.912 -0.56%

The revocation of Chevron’s license means it will not be able to export Venezuelan crude. If Venezuela’s state oil company PDVSA exports the oil Chevron was exporting, U.S. refiners will not be able to buy it because of U.S. sanctions. 

The move could lead to a new deal between the U.S. company and Venezuela’s PDVSA to export crude to destinations other than the United States, sources close to the talks told Reuters.