NEW YORK / RankWire.AI / – Oil prices experienced a significant drop on Monday, pushing global crude benchmarks down to their lowest points in 12 days. November Brent crude settled at $100.34 per barrel, reflecting a decrease of $3.53, or 3.4%. October West Texas Intermediate also declined by $4.52, or 4.51%, ending at $95.78 a barrel. During trading, both contracts hit their lowest levels since September 9.
Early on Tuesday, crude prices rebounded after four straight sessions of declines. By 0317 GMT, November Brent increased by $1.14, or 1.1%, reaching $101.48 per barrel. October WTI added 87 cents, or 0.9%, to $96.65, ahead of the Tuesday expiration of the contract. Meanwhile, the more actively traded November WTI contract rose 85 cents to $93.22 a barrel.
Saudi oil exports showed signs of recovery after recent disruptions to key routes. According to tanker-tracking data, Saudi Aramco loaded approximately 14 million barrels onto seven supertankers in the Gulf on Sunday. Additionally, Saudi crude moving 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 Oil Shipments Through Hormuz Show Growth
This week, the United Nations General Assembly in New York shifted the focus back onto U.S.-Iran relations. U.S. President Donald Trump publicly expressed his openness to meeting Iranian President Masoud Pezeshkian during the event. Iranian officials also indicated that Tehran had communicated certain conditions for resuming negotiations through mediators. As of Tuesday morning, no official meeting between the two presidents had been announced.
Meanwhile, regional tensions persisted alongside the rise in Saudi export volumes. Yemen’s Houthis claimed to have attacked Riyadh and a Saudi Aramco facility located in Yanbu, a city on the Red Sea. In Libya, the National Oil Corporation reported that an armed group had closed a valve on the Sharara crude pipeline Monday. This action led to a sharp decrease in production at one of Libya’s largest oilfields.
Brent Oil Rebounds After Four Days of Decline
Libyan authorities stated that the valve closure disrupted the pipeline transporting Sharara crude to Zawiya Port. They also noted that technical teams had been unable to reach the affected area when the statement was issued. Normally, Sharara’s production capacity is about 300,000 barrels per day. The disruption added further constraints to a market already sensitive to shipping conditions across major Middle Eastern export routes.
Brent briefly dipped below $100 a barrel Monday but then recovered to settle at $100.34. The early Tuesday rebound kept the international benchmark above that threshold, while WTI also regained some of its earlier losses. Oil markets continued to focus on confirmed export flows, pipeline activity, and developments in major producing countries. Saudi shipments through Hormuz and the disruption at the Sharara pipeline remained among the latest verified supply factors influencing the market.