According to reports, global crude oil prices have increased, but last year saw the largest annual decline in oil prices since 2020.
Sources say that on Friday, Brent crude futures rose by 35 cents to reach 61.20 dollars per barrel, while U.S. West Texas Intermediate crude increased by 34 cents to 57.76 dollars per barrel.
Sources also report that in 2025, both Brent and WTI benchmarks recorded an annual loss of around 20 percent, the largest drop since 2020. This was due to excess supply and concerns over tariffs overshadowing geopolitical risks.
This marked the third consecutive year of a deficit for Brent, the longest period in history.
It is worth noting that the Organization of the Petroleum Exporting Countries (OPEC) and its allies will hold a virtual meeting on January 4.
