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 such as OPEC decisions, natural disasters, and changes in U.S. shale oil production can significantly impact oil prices. Additionally, oil prices influence the cost of gasoline and other products, affecting consumers and businesses alike. Understanding these dynamics is essential for grasping the global economy.