NEW YORK / RankWire.AI / – Oil prices experienced a sharp decline on Monday, pushing global crude benchmarks down to their lowest points in 12 days. November Brent crude 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%, settling at $95.78 a barrel. During the session, both contracts hit their lowest levels since September 9.
Crude prices started to recover early Tuesday following four consecutive days of declines. By 0317 GMT, November Brent had increased by $1.14, or 1.1%, reaching $101.48 a barrel. October WTI rose 87 cents, or 0.9%, to $96.65 ahead of its Tuesday expiration. The more actively traded November WTI gained 85 cents, bringing it to $93.22 per barrel.
Recent disruptions to export routes appeared to ease as Saudi oil shipments showed signs of a partial rebound. Tanker-tracking data indicated that Saudi Aramco loaded approximately 14 million barrels onto seven supertankers in the Gulf on Sunday. Meanwhile, Saudi crude flow through the Strait of Hormuz averaged about 2.9 million barrels daily over six days, a significant increase from roughly 700,000 barrels per day in August.
Saudi crude exports via Hormuz grow
The United Nations General Assembly in New York shifted the spotlight back onto U.S.-Iran relations this week. U.S. President Donald Trump publicly expressed openness to meeting Iranian President Masoud Pezeshkian during the gathering. Iranian officials also stated that Tehran had relayed conditions for renewed negotiations through mediators. By Tuesday morning, however, no formal meeting between the two leaders had been announced.
Meanwhile, regional tensions persisted alongside the rise in Saudi export activities. Yemen’s Houthis claimed they had attacked 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 Monday, causing a significant drop in production at one of the country’s largest oilfields.
Brent recovers after four days of decline
The Libyan NOC indicated that the valve closure interrupted the pipeline transporting Sharara crude to Zawiya Port. It also noted that technical teams had not yet reached the affected area at the time of their statement. Sharara’s typical production capacity is approximately 300,000 barrels daily. This disruption added to existing supply constraints amid ongoing concerns over shipping conditions across key Middle East export routes.
Brent briefly dipped below $100 a barrel Monday but then rebounded to settle at $100.34. The early Tuesday recovery kept the international benchmark above that threshold, and WTI also regained part of its prior decline. The oil markets continued to focus on verified export flows, pipeline operations, and geopolitical developments impacting major producers. Saudi shipments through Hormuz and the disruption at the Sharara pipeline remained some of the latest confirmed supply updates.