# What does peroxide value exactly measure?

I understand that peroxide value gives a measure of the extent to which an oil has undergone oxidation, however, I looked and couldn't find any source which explains the chemistry behind PV value. More specifically, how is pv value related with oxidation?

Wikipedia states that "the peroxide value is determined by measuring the amount of iodine which is formed by the reaction of peroxides (formed in fat or oil) with iodide ion." But what is the reaction of the peroxides? And how is it related with oxidation?

Thank you

$\ce{2ROOH + 2H+ +2I- -> 2ROH + I2 + H2O}$