NEW YORK / RankWire.AI / – Oil prices experienced a significant drop on Monday, with Brent crude reaching its lowest point in nearly two weeks. The November Brent contract closed at $100.34 a barrel, marking a decrease of $3.53, or 3.4%. October West Texas Intermediate fell by $4.52, or 4.51%, settling at $95.78 per barrel. During the trading session, both benchmarks touched their weakest levels since September 9. This decline extended a four-day downward trend across global crude markets.
In early trading on Tuesday, oil prices saw a modest recovery following Monday’s sharp losses. By 0317 GMT, November Brent had increased by $1.14, or 1.1%, to reach $101.48 per barrel. Meanwhile, October WTI gained 87 cents, or 0.9%, to $96.65, just ahead of its expiration. The more actively traded November WTI contract moved up 85 cents to $93.22 per barrel. Monday’s session saw Brent briefly trading below the $100 mark before climbing back above it.
The recovery in prices coincided with rising Saudi crude exports, as flow patterns through the Strait of Hormuz showed signs of improvement. Saudi Aramco loaded approximately 14 million barrels onto seven supertankers in the Gulf on Sunday. Data tracking tanker movements indicated that Saudi crude was passing through Hormuz at roughly 2.9 million barrels per day over a six-day period, a significant increase from around 700,000 barrels per day in August. Saudi Aramco continued to serve as a crucial source of regional supply data for traders monitoring export activity.
Saudi Arabia’s export volume through key shipping routes shows signs of recovery
Meanwhile, diplomatic tensions involving the United States and Iran drew attention during the United Nations General Assembly in New York. U.S. President Donald Trump indicated he was open to a meeting with Iranian President Masoud Pezeshkian during the event. Iranian officials stated that Tehran had conveyed conditions for renewed negotiations through mediators. As of Tuesday morning, no formal meeting between the two leaders had been announced. These developments occurred as energy markets continued to monitor ongoing geopolitical tensions in the Middle East.
Disruptions to oil infrastructure persisted in other parts of the region. Yemen’s Houthis announced attacks on Riyadh and a Saudi Aramco facility in the Red Sea city of Yanbu. In Libya, the National Oil Corporation reported that an armed group had closed a valve on the Sharara crude pipeline on Monday, leading to a sharp decline in production at the field. The Sharara oilfield, which is among Libya’s largest, has a production capacity of about 300,000 barrels per day.
Libyan pipeline shutdown impacts regional supply trends
The National Oil Corporation explained that the valve closure affected the pipeline transporting Sharara crude to Zawiya Port. The company also noted that technical teams had been unable to access the valve area when issuing their statement. This disruption caused a reduction in Libyan output at a major field, while regional shipping movements remained under close observation. Market participants also followed the resurgence of Saudi export volumes passing through the Strait of Hormuz, after weaker flow levels were recorded in August.
The rebound in Brent’s price on Tuesday helped recover some of Monday’s 3.4% decline, though prices remained near recent lows. WTI also gained some ground after falling 4.51% in the previous trading session. Market focus continued to center on confirmed shipping volumes, pipeline operations, and recent production shifts. The strengthening of Saudi crude exports through Hormuz, coupled with the Libyan pipeline shutdown, highlighted recent physical supply changes across key Middle Eastern and North African oil producers.