ELI5: Explain Like I'm 5

Oil war

Okay kiddo, so imagine you and your friend both have a lemonade stand. You both want to sell your lemonade and make a lot of money, but there's only a limited number of customers who want to buy lemonade. So, you and your friend try to attract customers by making your lemonade taste better or by selling it at a lower price than your friend.

In the same way, countries that produce and sell oil, like Saudi Arabia and Russia, want to attract customers who want to buy their oil. There are also other countries that sell oil, like the United States, but they are not as big as Saudi Arabia and Russia. When there's a lot of oil available in the world, the price for it goes down because there's more supply than demand.

This is where the 'oil war' comes in. Saudi Arabia and Russia have been producing a lot of oil lately, and because of that, the price of oil has gone down. However, they also want to make sure they sell more oil than other countries, especially the United States. So, they decided to flood the market with even more oil, which made the price of oil go down even more.

The United States and other oil-producing countries were not happy about this. They also want to sell their oil and make money, but they can't do that if the price of oil is too low. So, they wanted Saudi Arabia and Russia to stop producing so much oil, but they didn't listen.

In the end, this 'oil war' caused a lot of turmoil and uncertainty in the world. Some people lost their jobs because oil companies couldn't make enough money. Some countries' economies went down because they rely on selling oil for most of their income. It's like your lemonade stand not making enough money because your friend keeps selling their lemonade for a lower price, and you can't do anything about it.