The first is the natural climate and political atmosphere that led to the rise of international oil prices. The rise of international oil price is closely related to the summer storm, and the psychological panic caused by meteorological and climate prediction is pushing the oil price up. Moreover, the geopolitical risks have not been lifted, and the internal and external shocks of oil-producing countries are constantly emerging, including the strike in Nigeria and the tough attitude of Iran, including the challenge to the hegemony of the US dollar from a financial perspective, which are not conducive to the stability of oil prices. In addition, Iran has reduced the proportion of US dollars in its foreign exchange reserves to about 20%, and said that it will further reduce its US dollar reserves in the future in response to possible sanctions imposed by the United Nations, which makes the international oil price outlook mysterious and not optimistic.
Secondly, speculation has led to the rise of international oil prices. According to the data of Energy Hedge Fund Center, in 2006, US$ 67.4 billion was invested in 525 global energy and commodity funds, more than double the US$ 30 billion at the beginning of 2007. The performance of the Energy Fund peaked at 13 months ago.
Finally, it is the American strategy and financial strategy that lead to the rise of international oil prices. There are many reasons for the rapid change of international oil prices, but the most fundamental reason lies in the particularity of American hegemony and the initiative of oil strategy. First, the US dollar's special oil quotation system enables the United States to control price variables, while the international environment, institutional role, market distribution and share also form a situation in which the United States dominates oil prices. Secondly, the priority of American strategic consciousness, the advantage of American economic influence and the richness of American financial institutions' products have made the international oil market form a three-legged situation-namely, the main bureau of American oil supply and demand, the main bureau of oil futures hedge fund, the main bureau of OPEC and non-OPEC oil production. Among them, the main reason for the change of oil price lies in the oil reserves and strategic changes in the United States.