Global oil prices have experienced significant fluctuations in recent years, influenced by various factors, including geopolitics, supply and demand, and the energy policies of oil-producing countries. This oil price trend not only has an impact on the global economy, but also has wider implications on other sectors such as transportation, industry, and even people’s daily lives. One of the key factors in oil price movements is supply and demand. When oil demand increases, especially from developing countries with rapid economic growth, oil prices tend to rise. Conversely, when there is an excess supply of oil — for example, due to a recovery in production in OPEC countries — prices can fall drastically. For example, after the COVID-19 pandemic, global oil demand plummeted, causing WTI oil prices to even fall negative for the first time in history. Geopolitics also plays an important role in determining oil prices. Tensions between major oil producing countries such as Iran and Saudi Arabia, or sanctions against Russia, could cause price spikes. When distribution channels are threatened, investors tend to worry and act, causing prices to rise speculatively. Instability in the Middle East is often looked at as a potential indicator for a spike in oil prices. Energy policy and the transition to renewable energy are additional important factors influencing oil price trends. Countries around the world are starting to shift their focus from fossil fuels to cleaner energy, which can reduce dependence on oil. Although the renewable energy market is growing, this transition will take time, and during that period, oil prices may remain high due to stable demand. The impact of changes in global oil prices affects the economy as a whole. Oil-producing countries such as Saudi Arabia and Russia benefit when prices are high, boosting their revenues, while oil-importing countries can feel pressured by rising energy costs. Oil price spikes often drive inflation, increasing the cost of living for consumers and potentially impacting monetary policy. The transportation sector, which is highly dependent on fuel oil, also immediately felt the impact. Rising fuel prices can encourage companies to raise tariffs, which can then spill over to the prices of other goods and services. On the other hand, the automotive sector is growing with demand for fuel-efficient vehicles and electric vehicles in an effort to reduce dependence on oil. Changes in global oil prices are not only an economic issue, but also have environmental implications. When oil prices are high, there is a push to look for alternative, cleaner energy sources. Environmentally friendly policies and investment in renewable energy technologies can be further strengthened. By understanding global oil price trends and their impacts, society, governments and businesses can make wiser decisions that reflect future market conditions and environmental needs.