The term "oil prices" refers to the current market value or cost of a barrel of crude oil. Oil is one of the world's most valuable commodities, and its price can fluctuate based on various factors such as global supply and demand, political instability in major oil-producing regions, production cuts by oil cartels like OPEC (Organization of Petroleum Exporting Countries), and currency exchange rates. Changes in the price of oil can have a significant impact on economies around the world, affecting everything from transportation costs to inflation rates.