Oil is fungible... PLEASE look that up.. you'll stop believing media BS ... yes, oil may go up but that's because most traders don't understand what fungible means
example wheat is fungible... it's all the same... it doesn't matter if it's USA or Argentina or Russia.. it's still wheat and there's only so much bread is going to get baked worldwide so if Russia decides not to sell to France, France will get it from USA and Russia will sell to whoever the USA customer was but
the NET amount of wheat used worldwide remains unchanged
almost any commodity is fungible..
so if Iran stops selling to UK, big woop... UK buys from Nigeria instead and Iran sells to China who now doesn't need to buy from Nigeria any more
the NET amount of oil consumption and supply worldwide remains unchanged