Step 1: Trace the oxygenated blood. In the fetus, gas exchange happens at the placenta, not the lungs. The most highly oxygenated blood leaves the placenta and travels back to the fetus through the umbilical vein.
Step 2: The umbilical vein blood is shunted through the ductus venosus directly into the inferior vena cava. So the IVC carries the most oxygen-rich blood of any large vessel in fetal circulation.
Step 3: Why the others are lower. The SVC drains deoxygenated blood from the head and upper body. By the time blood reaches the right ventricle it has mixed with SVC return, and the aorta receives blood that has further mixed via the ductus arteriosus, so its oxygen content is lower than the IVC.
Ref: Nelson Textbook of Pediatrics, 20e (p. 2161).