Oil prices rise after Trump revokes Chevron's license to operate in Venezuela

Oil drilling rigs

Oil prices rose today, Feb. 27, amid concerns about global supply disruptions after Trump revoked Chevron's operating license in Venezuela.

Brent crude was trading up 0.33% at $72.77 a barrel, at 09:24 am Makkah time. West Texas Intermediate (WTI) crude rose 0.25% at $68.79 per barrel.

US President Donald Trump said in a post on Truth Social on Feb. 26 that he had decided to revoke a permit granted by the previous administration two years ago for Chevron to operate in Venezuela.

Chevron exports about 240,000 barrels of oil from its operations in Venezuela, more than a quarter of the country's entire production, Reuters reported.

Energy markets are closely following the US-brokered peace talks between Russia and Ukraine, with Trump saying his Ukrainian counterpart Volodymyr Zelensky will visit Washington on Feb. 28 to sign a deal granting the US access to rare earth minerals.

Oil prices also received support from data from the US Energy Information Administration, which showed a decline in crude oil inventories by 2.3 million barrels during the past week, contrary to expectations of an increase of 1.7 million barrels.