President Donald Trump said he plans to revoke Chevron Corp.’s oil license to operate in Venezuela, threatening to torpedo the nation’s slow economic recovery.

Oil prices rose more than 1% on Thursday as supply concerns resurfaced after U.S. President Donald Trump's revoked a licence granted to U.S. oil major Chevron to operate in Venezuela. Gains were capped,

The US president cited Venezuela's “electoral conditions” as a reason, adding that the regime hasn’t taken back “violent criminals” at a fast-enough pace.