Abstract
The current Russia-Ukraine war that started on February 24th, 2022, saw almost an immediate drop in stock market indices around the world but a corresponding rapid rise in the Crude Oil and Gold prices in the world commodity market. This is a most interesting cause-and-effect reaction, but apparently, the commodity of Crude Oil has always been closely related to wars, social struggles, economic upheavals, and geopolitical confrontations. This paper will attempt to concentrate on world history since 1950 and observe and study and analyze the interrelationship between oil prices and these outside factors that influence them. The ultimate aim is to arrive at some conclusions that will support several preliminary observations and hypotheses.
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