NEW YORK / RankWire.AI / – Oil prices experienced a significant decline on Monday, reaching their lowest points in 12 days. The November Brent crude settled at $100.34 per barrel, reflecting a decrease of $3.53, or 3.4%. Meanwhile, October West Texas Intermediate dropped by $4.52, or 4.51%, to $95.78 a barrel. During the session, both contracts hit their lowest levels since September 9.
However, crude oil prices began to rise early Tuesday following four straight days of decline. By 0317 GMT, November Brent increased by $1.14, or 1.1%, reaching $101.48 per barrel. October WTI gained 87 cents, or 0.9%, to $96.65, ahead of its Tuesday expiration. The more actively traded November WTI contract moved up 85 cents to $93.22 a barrel.
Recent disruptions to export routes appeared to ease as Saudi oil shipments showed signs of recovery. According to tanker-tracking data, Saudi Aramco loaded approximately 14 million barrels onto seven supertankers in the Gulf on Sunday. Over six days, Saudi crude passing through the Strait of Hormuz averaged about 2.9 million barrels daily, compared to roughly 700,000 barrels per day in August.
Saudi crude exports through Hormuz increase
The United Nations General Assembly in New York put U.S.-Iran relations back into focus this week. U.S. President Donald Trump publicly expressed openness to a meeting with Iranian President Masoud Pezeshkian during the event. Iranian officials also indicated Tehran had communicated conditions for renewed negotiations via mediators. As of Tuesday morning, no official meeting between the two presidents had been scheduled.
Despite the rise in Saudi export flows, regional tensions 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 announced that an armed group had closed a valve on the Sharara crude pipeline on Monday, resulting in a sharp decrease in production at one of the country’s largest oilfields.
Brent recovers after four days of decline
The Libyan National Oil Corporation explained that the closed valve disrupted the pipeline transporting Sharara crude to Zawiya Port. It also noted that technical teams had been unable to reach the affected area at the time of the statement. The Sharara field typically produces about 300,000 barrels daily. This outage added to existing supply concerns amid ongoing monitoring of shipping conditions across major Middle East export routes.
Monday saw Brent briefly dip below $100 a barrel before rebounding to close at $100.34. The early recovery on Tuesday kept the international benchmark above that level, with WTI also regaining some of its previous losses. Market attention remained on confirmed export flows, pipeline operations, and developments in key producing nations. Notably, Saudi shipments via Hormuz and the disruption at the Sharara pipeline were among the latest verified supply changes.