Iran is dominating global oil, and Saudi Arabia's crude exports being disrupted is accelerating the rise in oil prices. Reports suggest that Saudi Arabia has already notified some European customers about canceling crude shipments scheduled for late September, and crude loading at Yanbu Port has also been halted. After the East-West pipeline was attacked and shut down, Saudi Arabia's alternative export route to bypass the Strait of Hormuz is now facing issues as well. This pipeline previously transported about 4 million barrels of crude oil daily, accounting for roughly 4% of global oil supply. If it cannot be restored for an extended period and inventories are gradually depleted, crude oil prices will face even greater upward pressure. What worries the market most this time is that transportation through the Strait of Hormuz has not yet returned to normal, and Saudi Arabia's alternative route to the Red Sea is also affected. The fewer export channels available, the more sensitive the market becomes to any attack or delivery delay. If Europe temporarily increases its purchases, it will need to source crude from the North Sea, the U.S., or other regions. These supplies already have other buyers, so in the short term, more buyers competing for the same batch of oil that can be delivered on time could drive procurement costs even higher, spreading the pressure to other regions. The reason for the shutdown of Saudi Arabia's East-West pipeline is suspected to be linked to Iran-backed Iraqi militants. So, you can't underestimate Iran—it has single-handedly dominated global oil prices for 7 months, and no one can do anything about it. Impressive! Might as well call them daddy. @Gate Crypto, US stocks, Hong Kong stocks, Korean stocks, gold, CFDs, prediction markets—all-in-one trading platform.