Saudi Arabia

Oil prices are fluctuating in a bull flag mode as Joe Biden's foreign policy is adding to global risk factors, along with a 5.9 magnitude earthquake in southern Iran that’s damaged a critical oil facility and disrupted production.
Oil bulls are back, and strong oil demand numbers have put bulls back in the driver's seat. Not only did we see encouraging data from the Energy Information Administration (EIA), but from the U.S. Department of Transportation, as well.
Oil prices are snapping back on news of another Houthi attack on a Saudi oil facility during a weekend where geopolitical risk factors for oil are rising. 
Not only has Biden offered to call Supreme Leader Ali Khamenei directly, but his administration says it’s ready to lift all sanctions that are inconsistent with the JCPOA nuclear accord. 
Oil prices await the outcome of the OPEC+ decision while trying to get a handle on the Biden administration infrastructure plan, along with strong data from China that could increase oil demand expectations.
The market awaits the OPEC+ decision that, at this point, looks like a foregone conclusion as it celebrates the reopening of the Suez Canal. Oil is retreating, as the market is looking at the reopening of the Suez Canal as some type of watershed bearish event.
The sharp selloff in oil looks exhausted and the fact that German manufacturing data blew away expectations will likely ease oil demand worries.
Oil's failure to hold its rally was helped by questions surrounding the AstraZeneca vaccine: not in Europe this time, but in the United States. 
Both Chinese and Indian demand for oil are exceeding pre-pandemic levels, and now the U.S. gasoline demand is also recovering to near-normal levels. Data shows that U.S. gasoline demand last week was just 0.98% below what it was during the same week last year, considered pre-pandemic.
Iran and China are opening, taunting the Biden administration as it openly flaunts oil sanctions on Iran, even as Iran raises its enrichment of uranium.