Oil prices experienced their biggest annual decline since 2020, due to the interplay of various factors, including increasing geopolitical tensions and the continued rise in global supply. Estimates suggest that a significant supply surplus could increase pressure on prices during 2026.
At the end of trading, the price of “Brent” crude for March delivery fell by 0.8% to $60.85 per barrel. The price of “West Texas” Intermediate crude also fell by 0.9% and settled at $57.42, recording an annual decline of nearly 20%.
In the near future, investors are awaiting the upcoming meeting of the “OPEC+” alliance, and are closely monitoring US President Donald Trump’s policies towards Russia, Iran and Venezuela, as they are major oil-producing countries whose decisions may affect the direction of the market. (Asharq)
