Oil prices refer to the cost of crude oil, which is a key energy source used globally. These prices fluctuate based on supply and demand, geopolitical events, and economic conditions. When demand increases or supply decreases, prices typically rise, while the opposite can lead to lower prices. Factors influencing oil prices include OPEC decisions, natural disasters, and changes in global economic growth. Additionally, the rise of alternative energy sources and advancements in technology can impact the oil market. Understanding these dynamics helps consumers and businesses anticipate changes in fuel costs and energy expenses.