Abstract:International oil prices have collapsed since the second half of 2014. Apparently，this sharp change resulted from the unbalanced demand and supply，as well as from the geo-political situation in the Middle East. The in-depth driving forces however，are related to a game of strategic interests. This game could drive the international oil marked into a new low price cycle that may last for years. A sustained low price cycle may produce more negative than positive impact on the Middle East economy. It may also play a role in promoting the Iranian nuclear negotiation but would not change the multi-polarized geo-political structures in the Middle East.