The intricate and dynamic relationship that has developed recently between oil prices and US stock markets has fascinated financial marketers, the financial media, specialists, policymakers, and the general public. Because the US is one of the world’s leading oil producers and is the source of this interest, it has significant market power over other nations. Examining the relationship between oil prices and the US-international stock market connections, this review study considers these issues. The reverse phenomenon has received very little academic attention; instead, most of the publications that researchers have studied have focused on the effects of the oil markets on the stock markets. The assessment shows that the causal linkages between oil and stock markets strongly depend on the stock markets’ location in oil-importing or oil-exporting countries and whether comprehensive stock market or sector-specific data was employed for the analysis. Furthermore, the conclusions differ according to whether the study employed a symmetric or uneven variation in the price of oil or whether it examined abrupt changes in the price of oil. As a result of the investigation, it was determined that most of the data point to a relationship between changes in oil prices and stock market volatility and that including stock market performance measures can enhance predictions of both events. Several exciting directions for further research are noted.