CARACAS: Venezuelan President Hugo Chavez stopped oil exports to Exxon Mobil Corp on Tuesday, escalating a multibillion-dollar fight with the United States company two days after threatening to cut off all supplies to America.

The anti-US president's retaliation for Exxon's legal offensive, which froze $12 billion in Venezuelan assets, pushed oil prices higher in late trading.

State oil company PDVSA said it broke off commercial ties and halted the supply of crude and petroleum products to America's largest company in a fight over Exxon's demand for compensation after Chavez seized a crude project last year.