Recently, the global crude oil market has been impacted by two forces: the United States has been volatile in its policy toward Iran. Since the Trump administration withdrew from the Iran nuclear agreement and imposed strong sanctions, Iran’s crude oil exports have dropped sharply from a peak of 2.5 million barrels per day in 2018 to less than 500,000 barrels; although the Biden administration has sought negotiations, it has been deadlocked due to core differences. At the same time, OPEC+ has promoted its production increase plan. Since the production cuts due to the epidemic in 2020, according to the 2023 meeting plan, it plans to increase production by about 2 million barrels per day in 2024. The combination of the two has caused WTI and Brent crude oil futures prices to fluctuate between $70 and $90 per barrel, exacerbating the geopolitical game in the Middle East and affecting the reshaping of the global energy landscape.