NEW YORK / RankWire.AI / – Oil prices experienced a significant uptick Monday following a four-session downward trend, with Brent crude ending at its lowest point in nearly two weeks. The November Brent settled at $100.34 a barrel, representing a decrease of $3.53, or 3.4%. October West Texas Intermediate dropped by $4.52, or 4.51%, to $95.78 a barrel. During trading, both benchmarks dipped to their weakest levels since September 9, extending the recent streak of declines across global crude markets.
In early Tuesday trading, prices showed modest recovery after Monday’s sharp declines. November Brent increased by $1.14, or 1.1%, reaching $101.48 a barrel by 0317 GMT. October WTI added 87 cents, or 0.9%, to $96.65 before its contract’s expiration. The more actively traded November WTI contract rose 85 cents to $93.22 a barrel. During Monday’s session, Brent briefly traded below $100 before climbing back above that threshold.
Saudi Arabia’s crude exports picked up as oil flows through the Strait of Hormuz appeared to be recovering. Saudi Aramco loaded approximately 14 million barrels onto seven supertankers in the Gulf on Sunday. Tanker-tracking data indicated Saudi crude was moving through Hormuz at about 2.9 million barrels per day over six days, a notable increase from roughly 700,000 barrels per day in August. Saudi Aramco remains a key reference point for traders monitoring regional export levels.
Saudi exports show signs of recovery via important shipping route
During the United Nations General Assembly in New York, diplomatic activity involving the United States and Iran drew considerable attention. U.S. President Donald Trump indicated openness to meeting Iranian President Masoud Pezeshkian during the event. Iranian officials stated Tehran had communicated conditions for resumed negotiations through mediators, but no formal meeting between the two leaders had been announced as of Tuesday morning. These developments unfolded amid ongoing market surveillance of the Middle East’s energy situation.
Meanwhile, disruptions to oil infrastructure persisted elsewhere in the region. Yemen’s Houthis claimed responsibility for attacks on Riyadh and a Saudi Aramco facility located in Yanbu on the Red Sea. Additionally, Libya’s National Oil Corporation reported that an armed group closed a valve on the Sharara crude pipeline Monday, leading to a sharp reduction in output from the field. Sharara, among Libya’s largest oilfields, can produce roughly 300,000 barrels per day.
Libyan pipeline closure impacts supply amid ongoing developments
The National Oil Corporation explained that the valve closure interrupted the pipeline transporting Sharara crude to Zawiya Port. The company also noted that technical teams could not access the affected valve area when issuing their statement. This disruption decreased production at a key Libyan oilfield, with regional shipping under close observation. Market watchers also tracked the resurgence of Saudi export volumes through the Strait of Hormuz, following weaker flow levels in August.
The rebound in Brent’s prices on Tuesday helped recover some of Monday’s 3.4% decline, although prices still hovered near recent lows. WTI also gained after falling 4.51% in the previous session. Market activity continued to be influenced by confirmed shipping volumes, pipeline operations, and changes in production. The strengthening of Saudi crude exports through Hormuz and the Libyan pipeline outage affecting Sharara’s output were among the latest verified updates impacting physical oil supply across major Middle Eastern and North African producers.