The development of crude oil prices on the global market is an important economic indicator that influences various sectors. Over the past few years, oil price fluctuations have been influenced by various factors such as supply and demand, geopolitics, and technological innovation. In 2020, crude oil prices experienced a drastic decline due to the COVID-19 pandemic. Global lockdowns led to a sharp decline in energy demand. In April 2020, WTI oil prices were even recorded as negative, indicating an extreme supply surplus. However, as the economy recovers, prices begin to recover and reach their highest point in 2022. The main factor driving price increases is the recovery in demand in the transportation and industrial sectors. Many countries are starting to reopen their economies, causing energy demand to rebound. On the other hand, OPEC+ took steps to reduce production to stabilize prices. This coalition has proven effective in maintaining a balance of supply and demand. Geopolitics also plays a key role in setting oil prices. Tensions in the Middle East and sanctions against oil-producing countries such as Russia have had a significant impact on global markets. Sanctions implemented after the invasion of Ukraine in early 2022 resulted in supply disruptions that contributed to soaring prices. Technological innovation is another important factor. Developments in oil production from inanimate sources such as shale oil and the adoption of renewable energy technologies are contributing to the way the market adapts to change. This not only adds options for consumers but also creates new competition in the energy market. Environmental aspects are also increasingly being paid attention to. The emergence of environmentally friendly policies in a number of countries has encouraged a shift to alternative energy. This creates challenges for the crude oil industry, affecting long-term demand projections. Oil companies are starting to invest in green technologies to stay relevant in the market. Apart from these factors, the US dollar exchange rate has an impact on crude oil prices. Given that oil is usually traded in dollars, a stronger currency could make oil more expensive for other countries, affecting global demand. The future of crude oil prices in global markets remains a hot topic for analysts and investors. Knowledge of these dynamics is important for stakeholders involved in the energy industry. Price fluctuations, both up and down, have broad implications for the world economy, from inflation to production costs. Monitor crude oil price developments regularly to make the right decisions.