Oil edges higher following biggest annual loss since 2020

Core Viewpoint - Oil prices increased on the first trading day of 2026 after experiencing their largest annual loss since 2020 in the previous year, influenced by geopolitical tensions and market pressures [1] Group 1: Oil Price Movement - Oil prices saw an uptick at the start of 2026 following a significant decline in 2025, marking the biggest annual loss since 2020 [1] - The increase in oil prices is attributed to ongoing geopolitical tensions, particularly Ukrainian drone attacks targeting Russian oil facilities [1] Group 2: Market Pressures - A U.S. blockade is exerting pressure on the oil market, contributing to the fluctuations in oil prices [1]