Oil is fungible.
Do you understand what that means?
Like gold, it is a global commodity price.
What far complicates oil prices is the significant difference in pricing due to quality. All oil is not equal.
I understand that oil is fungible under most circumstances. But it is very unusual for a major producer to outlaw exports.
From Wikipedia:
Fungibility is the property of a good or a commodity whose individual units are capable of mutual substitution. That is, it is the property of essences or goods which are “capable of being substituted in place of one another.”
So oil is oil and American crude can be substituted for anyone else’s crude. But how can substitution take place if exports are illegal?