In recent months, world oil prices have experienced significant fluctuations, influenced by various economic and geopolitical factors. The latest analysis shows that the price of Brent crude oil has reached its highest level in two years due to the post-pandemic recovery in global demand and geopolitical tensions in the Middle East region. One of the main factors driving price increases is increasing demand from large countries such as China and the United States. The reopening of economies in Asia and Europe will certainly have a positive impact on oil consumption, especially in the transportation and industrial sectors. Data from OPEC shows that global demand is expected to reach 100 million barrels per day by the end of 2023. However, on the other hand, world oil supply is also hampered. Production cuts by OPEC+ and sanctions against oil-producing countries such as Russia pose significant obstacles to production figures. OPEC+ has decided to limit production in stages, in the hope of stabilizing prices on international markets. This decision, although supportive of prices, also increased supply uncertainty leading to price spikes. Geopolitics also plays a central role in oil price dynamics. Tensions between Russia and Ukraine, as well as potential conflict in the Middle East, worry oil markets. Investors and analysts continue to monitor the development of this situation closely, which could lead to further price spikes if an escalation occurs. Technical analysis of price movements shows that resistance levels are currently in the range of $90/barrel for Brent and $85/barrel for WTI. If the price manages to break this level, there is a possibility of a further rally. Conversely, in the event of a correction, the support level lies at $75/barrel for Brent. It is also important to consider the impact of global inflation on oil prices. Rising production and transportation costs have fueled concerns that higher inflation could slow economic growth, thereby affecting future oil demand. The Federal Reserve in the US and other central banks are beginning to wind down their accommodative monetary policies, which could impact energy markets. The development of renewable energy technology is also a significant factor in the long term. Although demand for oil is currently high, a shift towards clean energy and investment in alternative technologies could reduce dependence on oil in the next few years. Market participants should remain alert to the weekly report on oil reserves, as well as statements from OPEC and other leading countries regarding their energy policies. Short-term trends and geopolitical uncertainty add layers of complexity to global oil price analysis, making this a highly volatile and challenging sector.