Backing Iran, Chavez says U.S. is chasing oil

Venezuelan President Hugo Chavez on Tuesday stood by Iran in its nuclear dispute after he accused Washington of threatening Tehran over the OPEC nation's oil reserves.

Chavez spoke as the U.N Security Council failed to reach an agreement on how to respond to Iran's nuclear ambitions and the U.S. government warned that Tehran could blackmail the world if it managed to develop an atomic bomb.

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