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To identify the impact of INE on the related stock market, we collected high\u2010frequency trading data of oil futures and 22 stocks owned by listed companies in the upstream and downstream of China\u2019s oil\u2010related industry chains, constructed a causal chain through Directed Acyclic Graph, and used MFDCCA\u2010MODWT to perform multifractal analysis on the chain. Research shows that INE does have a causal relationship with the stock market of the related industry chain, and there is a multifractal correlation between its transaction time series. Subsequently, the source of fractal correlation was analysed with shuffled and surrogated sequences. 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