Oil price volatility

Oil price volatility refers to the fluctuations in the cost of oil over time, which can happen rapidly or gradually. These changes are driven by various factors such as geopolitical tensions, supply and demand shifts, political instability in oil-producing regions, production decisions by major oil countries, and economic conditions worldwide. When uncertainty or disruptions occur, oil prices can swing significantly, impacting economies, industries, and consumers. Understanding this volatility helps anticipate potential cost changes and economic impacts, reflecting the complex interplay of global factors influencing the oil market at any given time.