Recent developments in global oil prices show complex dynamics, influenced by various geopolitical factors, market demand and energy policy. In early 2023, oil prices recorded a significant price spike due to tensions in the Middle East and the impact of economic recovery after the COVID-19 pandemic. OPEC+ also plays an important role in regulating production levels, seeking to stabilize prices. By the end of the first quarter of 2023, the price of Brent crude oil will reach nearly $90 per barrel. However, rising inflation and the possibility of recession in several major countries, including the US and Europe, are starting to affect global oil demand. The market began to react with a decline in prices in the middle of the year, where Brent prices briefly touched $75 per barrel. Tensions between Russia and Ukraine are still impacting prices, especially with sanctions imposed on Russia, a major oil producer. However, Europe managed to find alternative energy supplies, reducing dependence on Russian oil. Meanwhile, demand from China, after passing through a strict lockdown phase, is showing positive signs during mid-2023, reinforcing hopes of an increase in oil prices. In the context of renewable energy and the global energy transition, many countries are investing in alternative energy sources. This also affects the long-term outlook for oil demand. Policies to reduce greenhouse gas emissions are in the spotlight, as international climate agreements such as COP26 and COP27 encourage the adoption of clean energy. Additionally, technological innovations in oil extraction, such as fracking, and the development of renewable energy, have the potential to influence the oil market going forward. The rise of electric vehicles (EVs) and countries’ policies to increase the number of EVs are contributing to a decline in oil demand in the long term. News about a possible global economic recovery will remain a determining factor. Overall, oil price projections for the end of 2023 are still uncertain and highly dependent on global political stability, demand from major countries, and the energy policies implemented. Sustainability in the energy sector has become vital to explore alternative sources, while still facing challenges from traditional oil markets. Investments in infrastructure and policies that support the use of clean energy will be key aspects in determining the future direction of oil prices. The country’s resurgence of interest and commitment in green energy is giving rise to new scenarios that will not only influence oil prices, but also create new investment opportunities in the renewable energy sector. New exploration activities by major energy companies in various parts of the world are now increasingly focused on renewable resources, accelerating a shift in the global energy paradigm. Oil price fluctuations will continue to be influenced by a complex combination of government policy, industrial demand and global trends towards sustainability. Adjustments made by OPEC+ in oil production will also be key, with their efforts to maintain a balance between supply and demand in global markets.