The price of crude oil is taking an absolute beating since sanctions on Iran were announced. This cannot make the Saudis very happy but frankly the happiness of the Saudis is about my 973rd concern in life
Crude went up when the Iranian sanctions were announced.
The sanctions aren’t hindering the Iranians as hoped, which is why prices are dropping.
The Saudis (and for that matter the Texans and North Dakotans) are hoping that Saudi production cuts will boost the price somewhat.