Simple answer: Saudi Arabia wants higher oil prices and so does their new friend, Russia. The U.S. is a "Price Taker" thanks to our lack of a common sense energy policy. Saudi Arabia will do what is best for Saudi Arabia.
"Saudi Arabia is quietly squeezing global supply and is about to sent oil back to triple digits; it already started by issuing big price increases for its crude to Europe and the Mediterranean in August, while also unexpectedly lifting the cost of supplies to Asia. The kingdom further raised almost all prices for September to Asia and Europe." Read more details at the link below.
https://www.zerohedge.com/commodities/oil-surges-2023-high-saudi-exports-plunge-lowest-two-years-ahead-aramco-50bn-share
Why has the oil price spiked?
Why has the oil price spiked?
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group