# Oil climbs more than 2% after Trump cancels Chevron's Venezuela licence

> Oil prices rose more than 2% on Thursday after U.S. President Donald Trump revoked a license granted to Chevron for Venezuelan operations, reviving supply concerns. Brent settled up $1.51 at $74.04 a barrel and WTI rose to $70.35.

- Date: 2025-02-27 · published 2025-02-27T12:00:00.000Z
- Category: geopolitics · region Global · magnitude low
- Page: https://feedsoft.ai/events/26207-oil-climbs-more-than-2-after-trump-cancels-chevron-s-venezuela-licence
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Loss of Chevron's Venezuelan output rights tightens crude supply expectations, which raises diesel and energy input costs for feed producers and transporters.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2025-12-01 | [Oil climbs more than 1% on OPEC action, Ukraine attack](https://feedsoft.ai/events/21430-oil-climbs-more-than-1-on-opec-action-ukraine-attack.md) | +2.7% | -1.1% |
| WTI | 2025-12-10 | [Oil settles higher after US seizes tanker off Venezuela's coast](https://feedsoft.ai/events/21666-oil-settles-higher-after-us-seizes-tanker-off-venezuela-s-coast.md) | -5.1% | -1.0% |
| WTI | 2019-06-26 | [Trump's sanctions cut more OPEC oil output than OPEC itself \| Reuters](https://feedsoft.ai/events/58530-trump-s-sanctions-cut-more-opec-oil-output-than-opec-itself-reuters.md) | -2.8% | -3.1% |
| WTI | 2026-04-02 | [Oil prices jump and shares drop after Trump threatens more Iran strikes](https://feedsoft.ai/events/12922-oil-prices-jump-and-shares-drop-after-trump-threatens-more-iran-strikes.md) | -2.2% | +6.1% |
| WTI | 2018-05-08 | [Oil closes down 2.4% on extreme volume after Trump pulls US out of Iran deal](https://feedsoft.ai/events/65183-oil-closes-down-2-4-on-extreme-volume-after-trump-pulls-us-out-of-iran-deal.md) | +0.4% | -7.4% |
| BRENT | 2025-12-01 | [Oil climbs more than 1% on OPEC action, Ukraine attack](https://feedsoft.ai/events/21430-oil-climbs-more-than-1-on-opec-action-ukraine-attack.md) | +0.7% | -1.8% |
| BRENT | 2025-12-10 | [Oil settles higher after US seizes tanker off Venezuela's coast](https://feedsoft.ai/events/21666-oil-settles-higher-after-us-seizes-tanker-off-venezuela-s-coast.md) | -4.6% | +0.6% |
| BRENT | 2019-06-26 | [Trump's sanctions cut more OPEC oil output than OPEC itself \| Reuters](https://feedsoft.ai/events/58530-trump-s-sanctions-cut-more-opec-oil-output-than-opec-itself-reuters.md) | -4.7% | -3.9% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-climb-2-month-lows-trump-axes-chevrons-venezuela-license-2025-02-27/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.