Global oil prices strengthen in 2023, driven by factors influencing supply and demand in international energy markets. One of the main drivers is economic recovery after the COVID-19 pandemic, which has resulted in increased energy consumption in many countries. Large countries such as the United States, China and India are experiencing a surge in oil demand as industrial and transportation activities recover. OPEC+ plays an important role in this dynamic. This combination of oil-producing countries—including Russia—has implemented production cuts to balance the market and keep prices stable. Their decision to limit production since the start of the year has led to a decline in global stocks, which has had a positive impact on oil prices. This indicates that OPEC+’s strategy is successful in maintaining price resilience amidst a potential world energy crisis. Geopolitical factors also influence global oil prices. Tensions in the Middle East, especially in major oil producing countries, are causing fears of supply disruptions. For example, the conflict in Libya and tensions between Iran and Western countries have added uncertainty to the oil market. Rising prices can serve as an indicator that investors are concerned about the potential consequences that could result from the crisis. Apart from that, the transition to renewable energy is also influential. Despite a global trend towards cleaner energy, demand for oil remains high in many sectors, such as transportation and industry. The growth of electric vehicles is increasing, but the need for oil for transit points, such as ports and airports, remains the main factor supporting oil demand. Inflation and global monetary policy also influence prices. Most countries face high levels of inflation, which prompts central banks to raise interest rates. These decisions often impact currency exchange rates as well as investments in the energy sector. Economic instability can lead to betting on oil prices, triggering sharp fluctuations and creating possible profits for traders. When it comes to trading, market sentiment also plays an important role. Technical and fundamental analysis leads to a better understanding of price movements. Traders and investors monitor data releases such as weekly inventory reports and supply reports, which can cause rapid reactions and impacts on oil demand and prices. When global oil prices strengthen, the impact is felt throughout the world. Oil-producing countries are seeing rising incomes, which can increase investment in infrastructure and social programs. However, consuming countries are feeling increasing inflationary pressures, especially on energy and transportation costs, which can influence economic decisions. This linkage makes oil prices an important barometer reflecting the health of the global economy and the long-term prospects for future energy stability.