RoydadNaft –  Global crude oil prices edged lower on the first trading day of 2026 compared with the previous session, after oil markets posted their largest annual decline since 2020. 

In London, Brent crude futures were trading at $60.81 per barrel at 10:29 GMT, down $0.04 from the prior settlement, while U.S. West Texas Intermediate (WTI) crude futures were at $57.39 per barrel, down $0.03. 

The price movements come against the backdrop of the ongoing war in Ukraine and related geopolitical developments, including intensified pressure on Russian energy infrastructure and U.S. efforts to tighten sanctions on Venezuelan oil exports. Tensions in the Middle East, particularly the conflict in Yemen, have also strained relationships among OPEC member states. 

Analysts expect the OPEC+ group to maintain its pause on production increases, but the market outlook remains affected by oversupply concerns and weak demand signals. Both Brent and WTI benchmarks posted roughly 19–20% annual losses in 2025, marking the steepest yearly decline since 2020.