Global oil prices fell almost 20% in 2025, marking their sharpest annual drop since 2020.
It was also the first time markets recorded three consecutive years of losses.
Analysts blame persistent oversupply 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 has delayed planned production increases, but output remains high.
Brent crude ended the year at $60.85 a barrel, down from nearly $74 a year earlier.
US oil prices saw a similar decline.
Weaker global growth and US-China trade tensions have dampened demand.
Banks including BNP Paribas and Goldman Sachs expect prices to fall further in 2026.
Lower oil prices could ease fuel costs and inflation pressures.
However, UK households still face slightly higher energy bills after a cap rise by Ofgem.
