According to Iran's semi-official Iranian Student News Agency (ISNA), an Iranian oil tanker exploded and caught fire near the Saudi port of Jeddah on November 11, causing an oil spill into the Red Sea. The cause of the Iranian oil tanker explosion is under investigation, and experts say it may have been "terrorist attacks".

According to the data tracked by the Purchase Chemical and Plastic Research Institute, the afternoon crude oil futures rose in a straight line. As of 13:50, WTI crude oil main contract was 54.16 U.S. dollars/barrel, up 1.16%, Brent crude oil main contract was 59.89 U.S. dollars/barrel, up 1.34%, and Shanghai crude oil main contract was 468.9 yuan/barrel, up 3.67%.

Since the attack on Saudi crude oil facilities on September 14, the trend of international crude oil market can be said to be fluctuating. After Saudi Arabia announced a complete resumption of oil production, crude oil basically reversed previous gains, but also in late September and early October out of a wave of seven consecutive declines.

Supported by the easing of Sino-US trade situation, the further reduction of OPEC production in December and the prospect of an agreement between Britain and Europe, crude oil rebounded on October 10, but the reason for the Iranian oil tanker explosion is that it is still adjusting itself or terrorist attacks, and whether the crude oil market is a flash in the pan or a "Jedi counterattack" still needs to be observed.