West Texas Intermediate crude oil price, the benchmark for US and global oil prices. • OPEC+ production decisions have the largest price impact • Geopolitical risks (Middle East tensions, Russia-Ukraine) cause spikes • Below $60: Low oil — fiscal pressure on producers, benefits consumers • $70–90: Equilibrium range • Above $100: High oil — inflation pressure, hits airline/transport stocks Rising oil directly feeds into CPI, influencing Fed rate policy. Korea is a net oil importer, so high oil = trade deficit = weaker won.