Brazilian Oliveira extended his winning streak to nine on a dramatic night in Houston, Texas.
The bout formed the main event of UFC 262 at the Toyota Center, where the capacity crowd of 16,000 fans saw Oliveira, 31, produce a thrilling come-from-behind performance to capture the title vacated this year by the retiring Khabib Nurmagomedov.
Before the bout got under way, there was a moment of respect between the pair as Oliveira approached Chandler's corner and embraced his rival before greeting each of Chandler's cornermen.
