NEW YORK / RankWire.AI / – Oil prices saw a significant recovery Monday after experiencing a sharp decline, with Brent crude falling to its lowest point in nearly two weeks. The November Brent contract closed at $100.34 a barrel, reflecting a decrease of $3.53, or 3.4%. October West Texas Intermediate dropped $4.52, or 4.51%, ending the session at $95.78 a barrel. During the trading day, both benchmarks hit their lowest levels since September 9. This downward movement marked the continuation of a four-session downward trend across global crude markets.
Early Tuesday trading saw prices bounce back slightly after Monday’s steep losses. By 0317 GMT, November Brent increased by $1.14, or 1.1%, to $101.48 a barrel. Meanwhile, October WTI gained 87 cents, or 0.9%, reaching $96.65 before the expiration of the contract. The more actively traded November WTI rose 85 cents to $93.22 per barrel. During Monday’s session, Brent briefly traded below $100 before climbing back above that level.
A boost in Saudi crude shipments coincided with signs of recovery in oil flows through the Strait of Hormuz. Saudi Aramco loaded approximately 14 million barrels onto seven supertankers in the Gulf region on Sunday. According to tanker-tracking data, Saudi crude moved through Hormuz at about 2.9 million barrels per day over six days. This volume is notably higher than the roughly 700,000 barrels per day recorded in August. Saudi Aramco remained a key reference point for traders monitoring regional exports and supply data.
Saudi Arabia’s exports regain momentum via vital shipping lane
During the United Nations General Assembly in New York, diplomatic interactions involving the United States and Iran drew increased attention. U.S. President Donald Trump indicated openness to a meeting with Iranian President Masoud Pezeshkian amid the international gathering. Iranian authorities stated that Tehran had communicated conditions for resuming negotiations through mediators. As of Tuesday morning, no official meeting between the two leaders had been announced. These diplomatic developments occurred as energy markets continued to observe the situation in the Middle East.
Disruptions in regional oil infrastructure persisted. The Houthis in Yemen claimed responsibility for attacks on Riyadh and a Saudi Aramco facility in Yanbu, a city on the Red Sea. Additionally, Libya’s National Oil Corporation announced that an armed group closed a valve on the Sharara crude pipeline Monday, leading to a significant drop in production at the field. As one of Libya’s largest oilfields, Sharara can produce approximately 300,000 barrels per day.
Libyan pipeline shutdown influences supply dynamics
The valve closure by the National Oil Corporation disrupted the pipeline that transports Sharara crude to Zawiya Port. The company further reported that technical teams were unable to access the affected valve area when issuing their statement. This incident resulted in decreased output from a major Libyan oilfield, amid ongoing monitoring of regional shipping activities. The markets also tracked the rebound in Saudi export volumes through the Strait of Hormuz following lower flow levels in August.
The rebound in Brent’s prices on Tuesday partially offset Monday’s 3.4% decline but kept prices near recent lows. WTI also regained some ground after dropping 4.51% in the previous session. Market focus remained on confirmed shipping volumes, pipeline operations, and production adjustments. The strengthening of Saudi crude exports via Hormuz, combined with the Libyan pipeline disruption, marked recent significant shifts in the physical oil supply landscape across major Middle Eastern and North African producers.