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,

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

The US president said Venezuela had not lived up to its promises on taking back deported migrants.