NEW YORK / RankWire.AI / – Oil prices experienced a notable decline on Monday, pushing global crude benchmarks to their lowest points in over a week. The November Brent crude closed at $100.34 per barrel, representing a drop of $3.53, or 3.4%. Meanwhile, October West Texas Intermediate (WTI) decreased by $4.52, or 4.51%, settling at $95.78 per barrel. During the trading session, both contracts hit their lowest levels since September 9.
On Tuesday morning, crude oil prices rebounded after four consecutive 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 date. Additionally, the more actively traded November WTI contract rose 85 cents to $93.22 a barrel.
Recent disruptions to export routes have partially eased as Saudi Arabia’s 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 exports through the Strait of Hormuz averaged around 2.9 million barrels per day, a significant increase from about 700,000 barrels per day in August.
Saudi crude exports through Hormuz see uptick
The UN General Assembly in New York shifted focus back onto U.S.-Iran relations this week. U.S. President Donald Trump indicated publicly that he was open to meeting Iranian President Masoud Pezeshkian during the gathering. Iranian officials also claimed Tehran had communicated conditions for resuming negotiations through mediators. As of Tuesday morning, no formal meeting between the two presidents had been announced.
Meanwhile, regional tensions persisted amid the rise in Saudi export flows. Yemen’s Houthis announced attacks on Riyadh and a Saudi Aramco facility in Yanbu, a city on the Red Sea. In Libya, the National Oil Corporation reported that an armed group had shut a valve on the Sharara crude pipeline on Monday, causing a sharp drop in production at one of the nation’s largest oilfields.
Brent oil recovers after four days of losses
The Libyan NOC indicated that the valve closure interrupted the pipeline transporting Sharara crude to Zawiya Port. It also mentioned that technical teams had been unable to reach the affected valve area at the time of the statement. Normally, Sharara’s production capacity hovers around 300,000 barrels daily. This disruption added to the supply constraints already influencing the market, which continues to monitor shipping conditions across major Middle Eastern export routes.
Brent briefly dipped below $100 a barrel Monday but bounced back to close at $100.34. The early Tuesday rebound kept the international benchmark above that level, and WTI also regained some of its previous declines. Market attention remains focused on confirmed export flows, pipeline operations, and geopolitical developments impacting key producing countries. Notably, Saudi shipments through Hormuz and the disruption at the Sharara pipeline are among the latest verified supply factors.