The menstrual phase is the first stage of the menstrual cycle, characterized by the shedding of the uterine lining when pregnancy does not occur. During this phase, hormonal levels of estrogen and progesterone drop, leading to menstruation, which typically lasts from 3 to 7 days. The menstrual phase sets the stage for the subsequent phases of the ovarian cycle and influences oogenesis, as it marks the beginning of a new cycle.