NEW YORK / RankWire.AI / – Oil prices experienced a significant decline Monday, leading global crude benchmarks to their lowest points in over a week. The November Brent crude closed at $100.34 per barrel, reflecting a drop of $3.53, or 3.4%. Meanwhile, October West Texas Intermediate decreased by $4.52, or 4.51%, settling at $95.78 per barrel. During the trading session, both contracts hit their lowest prices since September 9.
On Tuesday morning, crude oil prices began climbing again after four consecutive days of decline. November Brent increased by $1.14, or 1.1%, reaching $101.48 per barrel at 0317 GMT. October WTI gained 87 cents, or 0.9%, to $96.65, just before its Tuesday expiration. The more actively traded November WTI contract also rose by 85 cents, reaching $93.22 per barrel.
There was a noticeable improvement in Saudi Arabia’s oil exports following recent disruptions to key routes. According to tanker-tracking data, Saudi Aramco loaded roughly 14 million barrels onto seven supertankers in the Gulf on Sunday. Over the past six days, Saudi crude movement through the Strait of Hormuz averaged approximately 2.9 million barrels daily, a substantial increase from about 700,000 barrels per day in August.
Saudi Oil Shipments via Hormuz Resume Growth
The United Nations General Assembly in New York has brought U.S.-Iran relations back into the spotlight this week. U.S. President Donald Trump publicly indicated he was open to a meeting with Iranian President Masoud Pezeshkian during the event. Iranian officials stated that Tehran had communicated conditions for restarting negotiations through intermediaries. However, no official meeting between the two presidents had been scheduled as of Tuesday morning.
Meanwhile, regional tensions persisted despite the uptick in Saudi export activities. Yemen’s Houthis announced they had launched attacks against 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 shut a valve on the Sharara crude pipeline on Monday, causing a notable drop in production at one of the nation’s key oilfields.
Brent Oil Rebounds After Four Days of Decline
The Libyan authorities indicated that the valve closure disrupted the pipeline that transports Sharara crude to Zawiya Port. They also noted that technical teams had not yet reached the area affected by the shutdown when their statement was issued. The Sharara field typically produces about 300,000 barrels daily. This disruption further tightens supply in a market already sensitive to shipping conditions across major Middle Eastern export routes.
After briefly falling below $100 a barrel on Monday, Brent recovered to close at $100.34. The early rebound on Tuesday kept the international benchmark above that threshold, while WTI also regained some of its previous losses. The markets remain highly attentive to confirmed export flows, pipeline statuses, and geopolitical developments involving key oil-producing regions. The recent increases in Saudi shipments through Hormuz and the disruption at the Sharara pipeline are among the latest confirmed supply movements impacting the market.