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. However, investors were still keeping an eye on signs of a potential peace deal in Ukraine,

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 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.