This paper investigates dynamic volatility spillovers and their implications for investment strategies, focusing on selected Arab countries' stock market indices (Egypt, Iraq, Jordan, Kuwait, Oman, Qatar, and Saudi Arabia) and the global oil price index, spanning from the beginning of 2010 to mid-2024. Utilizing models like the Dynamic Conditional Correlation (DCC), the study captures the time-varying interdependencies between oil prices and stock markets in both oil-exporting and oil-importing countries. The findings reveal significant volatility spillovers from oil price fluctuations, with stronger effects observed during periods of geopolitical tension and financial crises. For oil-exporting countries, such as Saudi Arabia, Kuwait, and Qatar, oil price shocks strongly influence stock market performance due to their central role in economic growth. The study highlights the importance of understanding these dynamic interdependencies to optimize portfolio allocation and risk management strategies in highly volatile and interconnected markets.