Oil is a very significant resource in economic and political terms. Due to its scarcity and wide application, it is assessed as a valuable resource of strategic importance. The influence of numerous factors on price movements makes the market complex and volatile. The subject of this paper is the analysis of the connection between the political stability of countries and the price of oil on the world market, ie whether world political events have had a direct impact on the movement of oil prices. The aim of this paper is to explain the fundamental factors influencing the price of oil, to show the movement of oil prices throughout history, and to analyse the extent to which political stability has an impact on changes in oil prices on the world market. The paper analyses secondary data sources collected from journals, research papers and publications of institutions. The Pearson correlation coefficient was used to calculate the degree of correlation between political stability and the oil price. The Geopolitical Risk Index (GPR) and the World Uncertainty Index (WUI) were used as a quantified value of political instability when analysing the correlation between political stability and oil prices. The observed period for the indexes is from 1985-2018. In addition to the total value of the GRP index, the analysis was conducted for the sub-indices The Geopolitical Acts Index (GPA) and The Geopolitical Risk Historical Index (GPRH) as well as for the GPR index by selected countries including Russia, China, Saudi Arabia, Mexico, Brazil, India , Venezuela and Korea. The conducted analysis confirmed a certain degree of connection between political instability and oil price movements. For total index values, the strength of the correlation depends on the volume of used data, while for country-level indexes, the strength of the correlation will depend on ownership of production and reserves.