The article examines the relationship between oil prices and the Tehran stock market returns using a method called wavelet analysis. The findings show a positive correlation between oil prices and stock market earnings. From 2009 to 2011, both variables moved together, with oil prices leading the stock market. However, from late 2011 to mid-2015, oil prices were the main driver of stock market movements. Despite some periods where oil prices did not directly impact stock market earnings, overall, they are closely linked. Factors like economic sanctions, currency fluctuations, and global demand changes affect this relationship.