US Secretary of State Marco Rubio said in a post on X that a Venezuela oil-export license will expire next Tuesday, defying earlier expectations that it would be extended.

Brent crude futures rose 47 cents, or 0.73%, to $64.56 a barrel by 0028 GMT, while U.S. West Texas Intermediate crude gained 49 cents, or around 0.8%, to $61.38 a barrel.

Oil prices inched higher on Wednesday as investors weighed the potential for supply disruptions following a new US directive barring Chevron (CVX) from exporting crude from Venezuela. However, expectations of higher production from OPEC+ continued restraining the market's upward momentum.