Oil prices edged up from two-month lows on Thursday after U.S. President Donald Trump announced a reversal of a license given to Chevron to operate in Venezuela, potentially tightening crude supply. Brent crude oil futures rose 19 cents or 0.

The move, set to take effect March 1, comes as the Trump administration resets foreign relation policies stretching back decades.

After his special envoy's controversial comment that President Trump "doesn't want to do regime change" in Venezuela, Trump reversed course and tightened oil sanctions on that country's brutal dictatorship.