Global crude oil prices have experienced significant dynamics in recent months, influenced by various economic, political and environmental factors. In early 2023, crude oil prices showed a steady upward trend, reaching a peak when geopolitical tensions increased in several oil-producing regions. The situation in countries such as Russia and the Middle East is fueling fears of supply disruptions, which in turn is pushing oil prices higher. In the following months, OPEC+ took strategic steps to regulate oil production to stabilize prices. The alliance, made up of major oil producing countries, agreed to reduce production to support higher prices. This policy succeeded in bringing the price of Brent crude oil to a position of around $90 per barrel by mid-2023. However, the price of WTI crude oil followed a similar path, but with greater fluctuations due to domestic factors in the US. As technology develops and shale oil production increases, the United States is increasingly becoming the dominant player in the global oil market. Rising US production poses a risk to world oil prices, as a supply surplus could pressure prices. Recent analysis suggests that increasing US oil output could lower prices to the $70-$75 per barrel range if sustained. On the other hand, global energy demand remains strong, especially from countries such as China and India. Post-pandemic economic recovery and increasing demand for transportation and the energy industry seem to support oil prices to remain at high levels. According to estimates, global oil consumption could reach a record high in 2024, supporting projections that oil prices will remain volatile. In an environmental context, the shift towards renewable energy is also starting to influence future oil price predictions. Global initiatives to reduce carbon emissions and transition to clean energy could result in a long-term decline in demand for oil. Investors are now increasingly considering the impact of energy policy changes in assessing oil company stock valuations. Despite the potential price drop, many analysts agree that global uncertainty will continue to influence the market. Geopolitical conflicts, such as tensions in Ukraine or instability in the Middle East, can trigger sudden price spikes. Meanwhile, the consensus among economists indicates that the price is likely to remain volatile, adapting to rapid changes in supply and demand. The latest data from the International Energy Agency (IEA) predicts that 2024 will be an important year, with oil demand growth expected to be faster than previously projected. This shows that, despite challenges in the form of the energy transition, oil remains an important commodity in the global economy. With all these factors, the price of crude oil in the global market will continue to be the focus of attention of investors and policy makers around the world. Looking at existing trends, maintaining a stable economic pattern and adaptive policies is very important for oil market players.