President Donald Trump says he is reversing a Biden-era grant allowing Chevron to operate within Venezuela on Wednesday. Trump detailed the decision in a lengthy post on Truth Social, stating that Venezuelan President Nicolas Maduro had not upheld his end of the bargain.

Oil futures rose Thursday morning, finding support a day after President Trump said he was revoking a license issued by the Biden administration that had allowed Chevron to produce oil in Venezuela.

U.S. President Donald Trump on Wednesday said he was reversing a license given to Chevron to operate in Venezuela by his predecessor Joe Biden more than two years ago, accusing President Nicolas Maduro of not making progress on electoral reforms and migrant returns.