This paper analyzes the effects of oil price volatility and the asymmetrical effects of the oil price volatility and major global crises on both oil-exporting and oil-importing economies. Major crises include the COVID-19 pandemic, the Russian-Ukraine war, and the current conflicts in the Middle East, particularly in Gaza and Israel. This research has an econometric model in two parts. In the first part of the model, oil price volatility is calculated through various GARCH-type models. In the second part of the model, the macroeconomic impacts of oil price volatility in relation to inflation, ...