This paper examines and analyzes the macroeconomic effects of oil price fluctuations on the world market. The oil sector has great importance to every economy, not only through its share of gross domestic product, but also indirectly by affecting the prices of all products and services on the market. Oil price is one of the most important factors in the production and distribution of products and services. Higher oil prices increase input and production costs and also increase demand for substitutes. The fluctuation of oil prices reflects on all aspects of daily life, from the depreciation or price increase of groceries to the impact on the export of a particular country. Oil is one of the most important strategic product in the today's world, which is why oil producing countries have great power in geopolitical relations, and control over oil resources is one of the most common causes of crises in the world. Oil shocks represent the sudden changes in oil prices in world markets, the causes of which can be linked to geopolitical developments in the world of oil producers and economic growth in the world. The analysis of oil prices and the macroeconomic effects of price changes are as complex as other economic analyzes. History and statistics show that oil shocks often precede the recession in the world, inflation and productivity decline and influence changes in monetary policies, adjustments to the labor market, the development of new technologies and oil substitutes. The effects of fluctuations in oil prices can leave long-term or short-term effects and consequences on the economy, which in some cases are more difficult to determine due to a number of other factors that may also affect the indicators, and many researchers face this problem.