NEW YORK / RankWire.AI / – Oil prices saw a notable rebound Monday following a four-session slide, with Brent crude closing at its lowest point in nearly two weeks. November Brent settled at $100.34 a barrel, down $3.53, or 3.4%. October West Texas Intermediate dropped $4.52, or 4.51%, to $95.78 a barrel. During trading, both benchmarks dipped to their lowest levels since September 9. The decline extended the recent downward streak across global crude markets, spanning four consecutive sessions.
Early Tuesday trading saw modest recovery after Monday’s sharp drops. By 0317 GMT, November Brent had increased by $1.14, or 1.1%, reaching $101.48 a barrel. October WTI gained 87 cents, or 0.9%, moving to $96.65 before its expiration. The more active November WTI contract rose 85 cents to $93.22 a barrel. Brent briefly traded below $100 during Monday’s session before rebounding above that level.
Saudi Arabia’s crude exports picked up as oil flows through the Strait of Hormuz indicated signs of recovery. Saudi Aramco loaded approximately 14 million barrels onto seven supertankers in the Gulf on Sunday. Tanker-tracking data revealed Saudi crude moving through Hormuz at around 2.9 million barrels per day over six days, compared with roughly 700,000 barrels daily in August. Saudi Aramco remained a vital source for traders monitoring regional export data.
Saudi exports bounce back via key maritime route
Diplomatic activity involving the United States and Iran also took center stage during the United Nations General Assembly in New York. U.S. President Donald Trump stated he was open to meeting Iranian President Masoud Pezeshkian during the gathering. Iranian officials mentioned Tehran had relayed conditions for resuming negotiations through mediators. No official meeting between the two leaders was announced by Tuesday morning. These developments coincided with ongoing energy market monitoring across the Middle East.
Meanwhile, disruptions to oil infrastructure persisted in other parts of the region. Yemen’s Houthis claimed responsibility for attacks on Riyadh and a Saudi Aramco facility in Yanbu, located in the Red Sea. In Libya, the National Oil Corporation announced an armed group had shut a valve on the Sharara crude pipeline Monday, causing a significant drop in output from the field. As one of Libya’s largest oil producers, Sharara can generate about 300,000 barrels daily.
Libyan pipeline issues influence regional oil supply
The National Oil Corporation explained that the valve closure interrupted the pipeline transporting Sharara crude to Zawiya Port. Additionally, technical teams were unable to access the valve site when the statement was issued. This incident reduced production at a key Libyan oilfield while regional shipping activities remained closely observed. Market participants continued to monitor the resurgence of Saudi export volumes through the Strait of Hormuz following weaker flow levels in August.
Tuesday’s price rebound for Brent recouped some of Monday’s 3.4% loss but left the market near recent lows. WTI also regained some ground after its 4.51% fall in the previous session. The ongoing focus on confirmed shipping volumes, pipeline operations, and production adjustments underscored market activity. Saudi crude exports via Hormuz had strengthened, while the disruption at the Sharara pipeline decreased Libyan output. Together, these events represent the latest verified changes affecting physical oil supplies across major Middle Eastern and North African producers.