Oil prices rose early on Thursday after U.S. President Donald Trump rescinded Chevron's (CVX) license to export Venezuelan crude oil.

West Texas Intermediate oil for April delivery was last seen up US$0.85 to US$69.47 per barrel, rising off the lowest since Dec.10, while April Brent crude climbed US$0.91 to US$69.47.

Trump on Wednesday revoked Chevron's permission to operate in Venezuela, from where it exported about 240,000 barrels per day, according to Reuters. The license was awarded by the Biden presidency in November 2022, in an attempt to secure additional supplies amid high oil and gasoline prices despite concerns over Venezuela's repressive regime led by Nicolas Maduro.

Maduro's refusal to accept deportees from the United States also soured Trump on the South American country's regime, the Wall Street Journal reported.

The decision tightens a market that has been focused on rising supply as OPEC+ readies to begin returning 2.2-million barrels per day of production cuts to market in April, while supply from Canada, the United States and other South America counties is on the rise. The prospect of successful peace talks ending Russia's war on Ukraine, which could see the lifting of sanctions on Russia's oil exports, is also weighing on prices.

"The progress in Ukrainian peace talks without Ukraine and the revival of economic co-operation between the former adversaries will have a tangible impact on oil supply. Talks will continue in Turkey today and it will be intriguing to see what concessions, if any, Trump can squeeze out of Putin whilst the Ukrainian President will travel to the US tomorrow to sign the agreement to jointly develop the country's mineral riches," PVM Oil Associates noted.