In recent months, world oil prices have experienced significant fluctuations, influenced by various economic, geopolitical and environmental factors. In October 2023, the price of Brent crude oil was around $90 per barrel, serving as a leading indicator of the global oil market. Several main elements that influence the development of oil prices include increasing global demand, geopolitical tensions, and production policies from OPEC+. Global oil demand is showing signs of recovery as economic activity increases post-COVID-19 pandemic. Large countries such as China and India, which are the largest oil consumers, continue to experience significant industrial growth. At the same time, increased energy demand due to the transition to cleaner energy sources also plays a role in increasing demand. Geopolitical tensions, particularly in the Middle East, have also had a major impact on oil prices. Political uncertainty in major oil-producing countries, for example, is leading to concerns about supply disruptions. The situation in Ukraine and relations between Russia and Western countries continue to be a source of uncertainty for global energy markets. OPEC+ as an organization of oil producing countries, has implemented a production policy that limits supply to maintain price stability. This step was taken to face challenges from the shale oil sector in the US which has the potential to cause oversupply. The policy shows that OPEC+ is committed to keeping oil prices within limits that are profitable for their production. Climate change also plays a role in determining world oil prices. The move towards the use of renewable energy increasingly threatens long-term demand for oil. However, this transition has not been smooth, and many countries still rely heavily on oil as a primary energy source, which keeps prices fluctuating. Technical analysis shows a bullish pattern in oil trading in recent weeks. Investors are showing greater interest, considering short-term growth potential. Despite the potential for a decline due to inflation and recession concerns, many analysts expect that prices can maintain stability at the $85-$95 per barrel level until the end of the year. Meanwhile, other factors such as the US dollar exchange rate and extreme weather conditions also contribute to the dynamics of oil prices. A rise in the dollar exchange rate often indicates higher oil prices in the eyes of international buyers. Meanwhile, extreme weather conditions such as storms or floods can disrupt oil production and distribution operations. With these various factors, developments in world oil prices will continue to be the focus of attention for investors, analysts and the government. Political decisions, production policies and global demand will continue to determine the direction of oil prices in the near future.