NEW YORK / RankWire.AI / – Oil prices experienced a notable rebound Monday after a four-day decline, with Brent crude settling at its lowest point in nearly two weeks. The November Brent contract closed at $100.34 a barrel, down $3.53, or 3.4%. Meanwhile, October West Texas Intermediate dropped $4.52, or 4.51%, ending at $95.78 a barrel. During trading, both benchmarks touched their weakest levels since September 9. The downward trend extended the four-session losing streak across global crude markets.
By early Tuesday, oil prices recovered modestly following Monday’s sharp declines. The November Brent increased by $1.14, or 1.1%, reaching $101.48 a barrel by 0317 GMT. The October WTI rose 87 cents, or 0.9%, to $96.65 before its expiration. The more actively traded November WTI contract gained 85 cents, climbing to $93.22 a barrel. During Monday’s session, Brent briefly traded below the $100 mark before moving back above it.
On Sunday, Saudi Arabia increased its crude shipments as oil flows through the Strait of Hormuz showed signs of recovery. Saudi Aramco loaded approximately 14 million barrels onto seven supertankers in the Gulf. Tanker-tracking data indicated that Saudi crude was moving through Hormuz at roughly 2.9 million barrels per day over six days, compared to around 700,000 barrels daily in August. Saudi Aramco continues to serve as a critical source of supply data for traders monitoring regional exports.
Saudi Oil Exports Bounce Back via Key Shipping Lane
During the United Nations General Assembly in New York, diplomatic developments involving the United States and Iran drew considerable attention. U.S. President Donald Trump stated he was open to a meeting with Iranian President Masoud Pezeshkian during the event. Iranian officials indicated that Tehran had conveyed conditions for renewed negotiations through mediators. As of Tuesday morning, no official announcement of a meeting between the two leaders had been made. Meanwhile, energy markets kept a close watch on evolving tensions across the Middle East.
Elsewhere in the region, disruptions to oil infrastructure persisted. Yemen’s Houthis claimed responsibility for attacks on Riyadh and a Saudi Aramco facility located in Yanbu, a city on the Red Sea. Additionally, Libya’s National Oil Corporation reported that an armed group had shut a valve on the Sharara crude pipeline Monday, causing a significant decline in output from the field. As one of Libya’s largest oilfields, Sharara can produce roughly 300,000 barrels per day.
Libyan Pipeline Incident Influences Supply Dynamics
The valve closure reported by the National Oil Corporation interrupted the pipeline transporting Sharara crude to Zawiya Port. The company also noted that technical teams had been unable to access the affected valve area at the time of the statement. This disruption curtailed production at a major Libyan field, while regional shipping activity remained under vigilant observation. Oil markets also tracked the rebound in Saudi export volumes through the Strait of Hormuz following weaker August flow levels.
Tuesday’s recovery for Brent partly offset Monday’s 3.4% decline but kept prices near recent lows. WTI also regained some ground after its previous 4.51% fall. Ongoing monitoring of confirmed shipping volumes, pipeline operations, and production adjustments continued to influence market sentiment. Strengthened Saudi exports via Hormuz and the Libyan pipeline disruption collectively represented the latest verified changes impacting physical oil supplies across key Middle Eastern and North African producers.