Spot prices of a key medium crude grade in the U.S. Gulf Coast spiked after President Trump terminated Chevron's license to export Venezuelan oil. Venezuela's Vice President criticized the decision, and the termination will impact U.S. refinery margins due to the cost of alternative barrels and shipping. Gulf Coast refiners will seek alternative heavy crude oil from countries like Colombia and the Middle East. Ecuador may increase exports to make up for any shortfall. Chevron is considering the implications of the termination.