Oil prices just took a big dip—here's why it matters
Oil prices dropped more than 2% on Friday, with Brent at $60.64 and WTI at $56.74 per barrel—marking their steepest yearly fall since 2020.
Experts say there's a major oversupply coming in 2026, which could keep energy costs lower for a while.
Ukraine peace talks could shake up the oil game
Ukraine's President Zelenskiy is set to meet Donald Trump on December 28 to try and seal a peace deal with Russia.
If things go well, sanctions on Russian oil might get lifted, possibly flooding the market with even more supply.
There's talk of a referendum if Russia agrees to stop fighting—a move that could really shift things globally.
US-Venezuela tanker standoff: not enough to stop the slide
There's still a quarantine of Venezuelan oil and interception of sanctioned oil tankers between the US and Venezuela giving oil prices some support, but it hasn't been enough to balance out all the extra supply and peace talk buzz.
Analysts warn prices could drop further, maybe even to around $50 if these trends keep up.