Look up a youtube channel called Mr. Global. He used to work some huge oil companies for decades, and ran his own for a bit. He breaks down a ton of this stuff.

For one, Iran is blocking a major shipping route for Iraq, Kuwuit, and Saudi Arabia. Even though we don’t import that much from there, the rest of the world does, and so supply is down, but demand remained the same. For two, the US oil companies are making record oil exports to these other countries that used to get their supply from the middle east.