Global oil prices refer to the cost of crude oil traded on international markets. These prices fluctuate based on supply and demand, geopolitical events, and economic conditions. Major benchmarks for oil prices include Brent Crude and West Texas Intermediate (WTI), which serve as reference points for pricing oil worldwide. Factors influencing global oil prices include production levels set by OPEC (the Organization of the Petroleum Exporting Countries), changes in energy consumption, and advancements in alternative energy sources. Additionally, natural disasters and political instability in oil-producing regions can lead to sudden price changes, impacting economies and consumers globally.