Oil is considered a vital energy source and changes in oil prices have important implications for developed as well as developing economies. By keeping this point of view, the current study aimed at analyzing the impact of oil prices on the stock prices of the most dynamic region of the world namely; The Association of South East Asian Nations (ASEAN). The post-COVID-19 data period was selected by the authors because the COVID-19 pandemic created oil price shocks which translated into global oil prices. The empirical findings demonstrate that oil prices significantly affect ASEAN stock indices. Nonetheless, the effect differs at various frequency levels. In the short to medium term, market participants should be cognisant of oil price volatility and its immediate effects. In the long term, investors and governments should prioritise basic economic indicators as stock markets increasingly detach from oil price volatility. These findings indicate that investors and governments ought to consider varying time horizons. In the short and medium term, oil price fluctuations considerably affect stock markets, necessitating effective risk management measures. Ultimately, attention should transition to more comprehensive economic indicators, as the stock market becomes increasingly less affected by oil prices. This comprehension is essential for formulating educated investment strategies and influencing energy policies in the ASEAN region.