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 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.

Tax and royalty payments resulting from Chevron's license have provided a steady source of revenue to Maduro's administration since early 2023, a source familiar with Venezuela's oil industry said. The money has lifted Venezuela's economy, especially its oil-and-banking sectors, which expanded last year.