The global energy crisis has taken center stage in recent years, triggering a significant impact on oil prices. Increased energy demand, especially following the post-COVID-19 pandemic economic recovery, has put pressure on oil supplies. This combined with geopolitical tensions in various parts of the world, including conflicts in the Middle East and sanctions against Russia, has further exacerbated the situation. Global oil demand continues to increase, especially in developing countries such as China and India. With population growth and rapid urbanization, the need for energy is increasing exponentially. At the same time, oil producers face the challenge of maintaining stable production levels. Low investment in new exploration and production, due to market uncertainty and the shift towards renewable energy, is resulting in an imbalance between supply and demand. On the other hand, the environmental crisis is also pushing countries to switch to clean energy. While these good intentions are important for long-term sustainability, this transition will not necessarily reduce global dependence on oil. The closure of old oil fields without sufficient alternative sources can contribute to rising oil prices. Therefore, although there is pressure to reduce the use of fossil fuels, the short-term need for oil remains. Rising oil prices have far-reaching economic impacts. Many countries, especially those dependent on oil imports, are experiencing inflationary pressures. The increase in transportation and raw material costs affects almost all industrial sectors. Prices of goods and services increase, reducing people’s purchasing power. In this context, governments are racing to find solutions, such as reducing fuel taxes or providing subsidies, but these measures often only provide temporary solutions. Geopolitical tensions play a significant role in oil price dynamics. The conflict in Ukraine and sanctions against Russia have disrupted global oil supplies. Russia is one of the world’s largest oil producers, and when supplies from the country are hampered, oil prices soar. This creates uncertainty in the market and fuels further speculation, leading to sharp price fluctuations. OPEC’s influence in regulating oil supplies cannot be ignored either. This organization of oil exporting countries often makes decisions that have a big influence on global prices. In this crisis situation, OPEC+ (including Russia) has repeatedly met to discuss production cuts to stabilize prices. However, these decisions are often controversial and can fuel tensions between members. To respond to this crisis, innovation in energy technology is key. Investment in renewable energy and energy efficiency is very important to reduce dependence on oil and prepare for a more sustainable future. Technological improvements in energy storage and transportation will also play an important role in the global energy overhang. In the midst of all these difficulties, the general public also has to adapt to changes in oil prices. Saving energy and using more environmentally friendly transportation alternatives, such as public transportation and electric vehicles, are becoming increasingly relevant options. Awareness of the importance of wise energy consumption is becoming more urgent amidst these complex energy challenges.