Oil prices inched higher in early Asian trading on January 2, the first trading session of 2026, as geopolitical tensions continued to provide support after the major benchmarks posted their steepest annual losses since 2020. At the time of writing, Brent crude was up 0.30% at $61.03 per barrel, while U.S. West Texas Intermediate had climbed 0.30% to $57.59 per barrel. The gains follow a turbulent 2025 in which both benchmarks fell by nearly 20%, marking their worst annual performance since the pandemic-driven collapse in 2020. Prices found…