Demand is down. Consumers buy less and travel less, factories and importers ship less, and commuters commute less because there are less jobs. Recession! Recession! Without a recession, the Fed would keep raising interests rates like...like they’re trying to start a recession and bring down inflation.
https://oilprice.com/futures/wti/
Worldwide demand is down mostly because China demand is down. Which is why Saudi Arabia/OPEC is considering more production cuts. Plus US production is up.
This is because the Biden administration is not enforcing the sanctions that the Trump administration levied on Iran. Iranian oil exports are up because of this. Which kept the Iranian leaders from wanting any direct part in the Hamas/Israel conflict. They basically told Hamas you are on your own.
Interest rates are about 5% higher than they were when The Commander in Cheat seized power.
That raised the cost of capital very substantially.
There is a long lag time for this to hit since capital expenditures can be delayed—but it will hit and hit hard—every sector.