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.

The US government has revoked a permit allowing Chevron Corp. to pump and export Venezuelan oil, ending a crucial financial channel for Venezuela. The permit's cancellation comes after accusations that Venezuela's government failed to meet democratic standards in elections.

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.