Oil prices fell on Wednesday, with the U.S. benchmark settling at its lowest year to date, after domestic crude stockpiles in the world's top petroleum producer and consumer rose more than expected last week.

Oil prices experienced minimal fluctuations on Thursday amidst a backdrop of market uncertainty. Investors were apprehensive about the potential impact of tariffs threatened by US President Donald Trump on Mexico and Canada,

U.S. oil futures on Wednesday marked their lowest settlement price of the year so far after official data revealed a weekly rise in commercial crude inventories following nine consecutive weekly declines.

British oil giant Shell on Thursday reported a significant drop in annual profit following a year of lower crude prices.

British energy giant Shell on Thursday announced a 17-percent drop in annual net profit owing to weaker oil and gas prices as well as asset write-offs. In late 2024, Shell announced it was cutting hundreds of jobs from its oil and gas exploration division to reduce costs.