05:08 AM EST, 02/27/2025 (MT Newswires) -- Crude oil prices climbed early on Thursday amid supply concerns driven by U.S. President Donald Trump's reversal of a license for Chevron to operate in Venezuela.

Brent crude gained 0.6% to US$72.98/barrel and West Texas Intermediate crude rose 0.7% to US$69.10/b at last look. This comes after prices fell to their lowest since Dec. 10 due to a surprise increase in U.S. gasoline and distillate inventories, Reuters said in a Thursday report.

Chevron exports roughly 240,000 barrels per day of crude from Venezuela, equivalent to more than a quarter of the country's oil output, the report said. The canceled license means Chevron will no longer be able to export crude from Venezuela.

"The Venezuela news triggered unwinding after the recent sell-off amid Russian-Ukraine ceasefire talks," Reuters quoted Hiroyuki Kikukawa, president of NS Trading, as saying.