Global oil prices recorded their steepest annual fall since the Covid pandemic.
Prices slid nearly 20% in 2025, marking the biggest loss since 2020.
It was also the third consecutive year of annual declines for oil markets.
Analysts blamed persistent oversupply despite geopolitical tensions.
Brent crude ended the year at about $60 a barrel, down from nearly $74.
US crude followed a similar path, also falling close to 20%.
The International Energy Agency expects supply to exceed demand by 3.8m barrels a day.
Opec has delayed planned production increases, but output remains high.
Weak economic growth and reduced Chinese demand have further weighed on prices.
Analysts warn prices could fall into the mid-$50s in early 2026.
Lower oil prices may ease inflation and fuel costs for consumers.
However, UK households still face higher energy bills after a cap rise by Ofgem.
