NEW YORK / RankWire.AI / – Oil prices experienced a notable rebound Monday following a sharp decline that saw Brent crude hit its lowest point in nearly two weeks. The November Brent settled at $100.34 a barrel, reflecting a decrease of $3.53, or 3.4%. Meanwhile, October West Texas Intermediate dropped by $4.52, or 4.51%, closing at $95.78 a barrel. During trading, both benchmarks touched their weakest levels since September 9, extending a four-session downturn across global crude markets.
Early Tuesday trading saw prices recover somewhat from Monday’s steep losses, with November Brent climbing $1.14, or 1.1%, to $101.48 a barrel by 0317 GMT. The October WTI increased by 87 cents, or 0.9%, reaching $96.65 before its expiration. The more actively traded November WTI contract gained 85 cents, ending at $93.22 a barrel. Brent briefly traded below $100 during Monday’s session but later moved back above that level.
Saudi crude shipments rose as oil flows through the Strait of Hormuz showed signs of recovery. Saudi Aramco loaded approximately 14 million barrels onto seven supertankers in the Gulf on Sunday. Tanker-tracking data indicated Saudi crude moving through Hormuz at roughly 2.9 million barrels per day over six days, a significant increase compared to about 700,000 barrels per day in August. Saudi Aramco continued to serve as a key source of supply information for traders monitoring regional exports.
Saudi exports rebound via critical shipping lane
During the United Nations General Assembly in New York, diplomatic developments involving the United States and Iran attracted attention. U.S. President Donald Trump stated he was open to a meeting with Iranian President Masoud Pezeshkian during the event. Iranian officials mentioned that Tehran had communicated conditions for renewed negotiations through mediators. As of Tuesday morning, no formal meeting between the two presidents had been announced. These political developments occurred amid ongoing energy market monitoring of Middle East tensions.
Elsewhere in the region, disruptions to oil infrastructure persisted. Yemen’s Houthis claimed responsibility for attacks on Riyadh and a Saudi Aramco facility in the Red Sea city of Yanbu. In Libya, the National Oil Corporation reported that an armed group had closed a valve on the Sharara crude pipeline on Monday, causing a sharp decline in output from the field. The Sharara oilfield, one of Libya’s largest, produces about 300,000 barrels daily.
Libyan pipeline closure influences supply trends
The valve closure at the Sharara pipeline disrupted the flow of crude to Zawiya Port, according to the National Oil Corporation, which also stated that technical teams had been unable to access the affected area at the time of their report. This shutdown reduced Libyan output at a major field while regional shipping activity remained closely observed. Meanwhile, oil markets continued to monitor the return of higher Saudi export volumes through the Strait of Hormuz following weaker August flow levels.
The rebound in Brent prices on Tuesday partly offset Monday’s 3.4% decline but still kept prices near recent lows. WTI also regained some ground after its 4.51% drop in the previous session. The markets remained focused on confirmed shipping volumes, pipeline operations, and production adjustments. Strengthened Saudi crude exports through Hormuz contrasted with the Libyan pipeline outage, which reduced output. These latest developments directly impacted physical oil supply among major Middle Eastern and North African producers, highlighting ongoing volatility.