Global oil prices fell almost 20% in 2025, the sharpest annual drop since 2020.
It marked the third consecutive year of losses for the oil market.
Analysts blame a heavily oversupplied market, despite conflicts in key producing regions.
Crude briefly fell below $60 a barrel for the first time in nearly five years.
The International Energy Agency expects supply to exceed demand by 3.8m barrels a day this year.
Opec delayed production increases but failed to stabilise prices.
Brent crude ended the year near $61, down from about $74 in 2024.
US crude also dropped to roughly $57 a barrel.
Weaker global growth and trade tensions have reduced demand.
Banks including JPMorgan and Goldman Sachs expect prices to fall further in 2026.
Lower oil prices could ease inflation and fuel costs.
However, Ofgem has still raised Britain’s household energy price cap slightly.
