Oil inches up following biggest annual loss since 2020

Oil prices edged up on the first day of trade in 2026, after last year posting their biggest annual loss since 2020, as Ukrainian drones targeted Russian oil facilities and a US blockade pressured Venezuela’s exports. Brent crude futures climbed 35 cents on Friday to $61.20 a barrel by 0409 GMT, while US West Texas Intermediate crude was at $57.76 a barrel, up 34 cents. Russia and Ukraine have traded allegations of attacks on civilians on New Year’s Day despite talks overseen by US President Donald Trump that are aimed at bringing an end to the nearly four-year-old war. Kyiv has been intensifying strikes against Russian energy infrastructure in recent months, aiming to cut off Moscow’s sources of financing for its military campaign in Ukraine.