Global oil prices have experienced significant fluctuations in recent years, influenced by various political, economic and social factors. Understanding these dynamics is critical for governments, companies and consumers. One of the main causes of price changes is global supply and demand. When demand increases, such as during rapid economic growth, oil prices usually spike. Conversely, when there is an economic downturn, demand decreases, so prices tend to fall. The geopolitical situation also plays a big role in oil price fluctuations. Crises in oil-producing countries such as the Middle East often have an impact on global supplies. For example, tensions between OPEC countries and non-OPEC countries can cause instability. When OPEC decides to reduce production to maintain prices, the impact will be felt on global markets. Additionally, unexpected external factors, such as natural disasters or pandemics, can also affect prices. The COVID-19 pandemic, for example, caused a sharp decline in fuel demand due to mobility restrictions. WTI oil prices fell to negative figures for the first time in history in April 2020. Although the situation is starting to recover with the arrival of vaccines, the long-term impact on the energy industry is still visible. Currency exchange rates also contribute to oil price fluctuations. Most oil transactions are carried out in US dollars, so a strengthening or weakening of the dollar will have a direct effect on oil prices in local currency. When the dollar strengthens, oil prices tend to be more expensive for countries using other currencies. Technological innovations in oil extraction, such as fracking, have changed the global production map. Countries like the United States have increased their production, helping to stabilize prices. However, this also brings challenges related to environmental and sustainability issues. The development of renewable energy also affects the oil market. With increasing investment in green energy, future demand for oil may decline. However, this transition requires time and adaptation that is not fast. Analysis of the global oil market requires a comprehensive approach, considering various interrelated aspects. Investors and analysts must monitor political developments, economics, and technological changes to make informed decisions. Market reports and historical trends can provide further insight into future oil price predictions. On a larger scale, governments and international organizations need to consider adaptive energy policies. Involvement in international agreements will have an effect on stabilizing oil prices in the interests of all parties. By understanding and responding effectively to these changes, all stakeholders can be better prepared to face the challenges that arise. With continued uncertainty in the global market, oil price fluctuations will remain an important topic that needs to be paid attention to by all groups, both at the macro and micro levels.