NEW YORK / RankWire.AI / – Oil prices experienced a significant decline on Monday, pushing global crude benchmarks to their lowest points in over a week. November Brent crude closed at $100.34 per barrel, reflecting a drop of $3.53, or 3.4%. Meanwhile, October West Texas Intermediate decreased by $4.52, or 4.51%, settling at $95.78 per barrel. During trading, both contracts reached their lowest levels since September 9.
Early Tuesday trading saw crude prices rebound after four days of consecutive declines. By 0317 GMT, November Brent had increased by $1.14, or 1.1%, reaching $101.48 a barrel. October WTI gained 87 cents, or 0.9%, to $96.65 ahead of its Tuesday expiration date. The more actively traded November WTI contract also rose by 85 cents, closing at $93.22 per barrel.
Recent disruptions to export routes had temporarily affected Saudi oil shipments, but a partial recovery was observed. According to tanker-tracking data, Saudi Aramco loaded approximately 14 million barrels onto seven supertankers in the Gulf on Sunday. Additionally, Saudi crude transport through the Strait of Hormuz averaged around 2.9 million barrels daily over six days, compared to roughly 700,000 barrels per day in August.
Saudi crude exports through Hormuz expand
This week, the United Nations General Assembly in New York has shifted focus back to U.S.-Iran relations. U.S. President Donald Trump openly stated his willingness to meet with Iranian President Masoud Pezeshkian during the event. Iranian officials also indicated that Tehran had communicated the conditions for renewed negotiations via mediators. As of Tuesday morning, no official announcement about a meeting between the two presidents had been made.
Meanwhile, regional tensions persisted despite the rise in Saudi oil exports. Yemen’s Houthis claimed responsibility for attacks on Riyadh and a Saudi Aramco facility in Yanbu, a Red Sea city. In Libya, the National Oil Corporation reported that an armed group had shut a valve on the Sharara crude pipeline on Monday. This action led to a steep decline in production at one of the country’s largest oilfields.
Brent recovers after four-day slide
The Libyan authorities explained that the closed valve disrupted the pipeline transporting Sharara crude to Zawiya Port. They also noted that technical teams had yet to access the affected area when their statement was issued. Sharara’s typical production capacity is about 300,000 barrels per day. The disruption added to the supply constraints already influenced by shipping conditions across key Middle Eastern export routes.
On Monday, Brent briefly traded below $100 a barrel before rebounding to settle at $100.34. Early Tuesday, the market saw further recovery, keeping the international benchmark above that threshold. WTI also regained some of its prior decline. Oil markets remain focused on verified export flows, pipeline operations, and geopolitical developments involving major producers. The recent Saudi shipments through Hormuz and the Libyan pipeline shutdown are among the latest verified disruptions impacting supply.