Italian energy company Eni said it had been notified by US authorities that it can no longer be repaid for gas that it produces in Venezuela through oil supplies from state-owned PDVSA, as Washington exercises its international sanctions on the South American country.

By Mathew Cohen US authorities have revoked Spanish oil company Repsol's licence to export oil from Venezuela, a company spokesperson confirmed on March 31. The widely expected move follows last month's axing of Chevron's licence.

A Repsol-chartered suezmax has reportedly scrapped a call in Venezuela after the US government revoked more oil export licences. The Trump administration has pulled deals involving Spanish energy company Eni in Italy and France’s Maurel & Prom (M&P) to operate in and ship crude from the South American country.

Oil diplomacy could become a hallmark of Donald Trump's second term in office, if the last few weeks are any guide, but energy markets have mostly shrugged off his recent whirlwind of threats against Iran and Russia.

Spain's Repsol is in an "open and fluid dialogue" with U.S. authorities as it explores ways to keep operating in Venezuela after Washington moved to revoke its license to export oil from the country,

Oil prices climbed about 2% to a five-week high on Monday on worries supplies could decline if U.S. President Donald Trump follows through on threats to impose more tariffs on Russia and to possibly attack Iran.