An oracle is a service that feeds outside information, most often asset prices, into smart contracts that cannot fetch it themselves. Chainlink and Pyth are the largest.
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Lending protocols need prices to know when to liquidate loans; derivatives need them to settle. If an oracle reports a wrong price, contracts act on it automatically.
Attackers have manipulated prices on thin markets that an oracle relied on, then borrowed or liquidated at the false price. Robust oracles combine many sources and use time averaged prices.
A decentralized oracle network whose node operators deliver price feeds and other data to many blockchains.
Yes, through bugs, outages or manipulated sources, which is why protocols add safeguards.