Oil prices may be in danger of rising after Venezuelan President Hugo Chavez renewed his threat to cut off his country's oil supply to the United States. The move comes after the U.S. decided to back Exxon Mobil's effort to win compensation from Venezuela for $12 billion in assets that were seized (nationalized) by the government.

From Reuters:
The United States backed Exxon Mobil Corp's effort on Wednesday to win compensation from Venezuela for seized assets in a case that has prompted the OPEC nation to threaten to cut off oil supplies to America. Venezuelan President Hugo Chavez, a foe of the United States, says Exxon court victories that resulted in $12 billion in Venezuelan assets being frozen over the seizure is part of an "economic war" to unseat him directed by the Bush administration.