You'll need to use the track matte.
1) In an image editor, draw a circle on a canvas the size of your desired hole. This should be white on a black background. save as a jpeg.
2) Now import this into Premiere. Lay it on the track above your video and hide the track (click on the eye icon to the far left of the track).
3) Go to video effects and drop the track matte effect from the keying group onto your original video track. In the effects control, select the target track as the video track with you circle in (its the option next to matte), and change the "composite using" to luma.
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