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.

Oil prices jumped Thursday as traders assessed the impact of potential tariffs on Canadian oil imports after President Trump said levies against Canada and Mexico would go into effect next week, adding to supply worries following the announced cancelation of Chevron's license to operate in Venezuela.