NEW YORK / RankWire.AI / – Oil prices experienced a notable rebound Monday following a sharp drop, with Brent crude hitting its lowest point in nearly two weeks. November Brent settled at $100.34 a barrel, reflecting a decrease of $3.53, or 3.4%. October West Texas Intermediate declined by $4.52, or 4.51%, to $95.78 per barrel. Both benchmarks touched their weakest levels since September 9 during the trading session. This downturn marked the end of a four-day decline across global crude markets.
Early Tuesday trading saw prices recover somewhat after Monday’s steep losses. November Brent increased by $1.14, or 1.1%, reaching $101.48 a barrel by 0317 GMT. October WTI gained 87 cents, or 0.9%, to $96.65, just before its expiration. The more actively traded November WTI contract moved up by 85 cents to $93.22 per barrel. During Monday’s session, Brent briefly traded below $100 before climbing back above that level.
Saudi Arabia’s crude exports rose as oil flows through the Strait of Hormuz showed signs of improvement. On Sunday, Saudi Aramco loaded approximately 14 million barrels onto seven supertankers in the Gulf. Tanker tracking data indicated Saudi crude moving through Hormuz at about 2.9 million barrels per day over a span of six days. This volume is a significant jump from roughly 700,000 barrels per day in August. Saudi Aramco continues to be a key source of regional supply data for traders monitoring exports from the Middle East.
Saudi oil shipments increase via vital shipping route
Meanwhile, diplomatic developments involving the United States and Iran drew attention during the United Nations General Assembly in New York. U.S. President Donald Trump stated he was open to a meeting with Iranian President Masoud Pezeshkian during the event. Iranian officials said Tehran had communicated the conditions for renewed negotiations through mediators. As of Tuesday morning, no official meeting between the two leaders had been announced. These remarks coincided with ongoing developments in Middle Eastern energy markets.
Disruptions to oil infrastructure persisted elsewhere in the region. Yemen’s Houthis reported attacking Riyadh and a Saudi Aramco facility located in Yanbu, a city on the Red Sea. In Libya, the National Oil Corporation announced that an armed group had shut a valve on the Sharara crude pipeline on Monday. This act caused a sharp decline in production at one of Libya’s largest oilfields, which can produce about 300,000 barrels daily.
Libyan pipeline closure influences supply patterns amid ongoing disruptions
The National Oil Corporation explained that the valve closure interrupted the pipeline carrying Sharara crude to Zawiya Port. The company also mentioned that technical teams had been unable to reach the affected area when issuing their statement. This disruption reduced output at a major Libyan oilfield, while regional shipping levels remained closely monitored. Oil markets also kept a close eye on the increased Saudi export volumes through the Strait of Hormuz following weaker flow levels in August.
Tuesday’s recovery in Brent prices helped recoup part of Monday’s 3.4% decline but left prices near recent lows. WTI also gained ground after falling 4.51% in the previous session. The markets continued to focus on confirmed shipping volumes, pipeline activity, and changes in production. Saudi crude exports through Hormuz strengthened, while the Libyan pipeline disruption dampened output. These developments are among the latest confirmed factors influencing the physical oil supply across key Middle Eastern and North African producers.