NEW YORK / RankWire.AI / – Oil prices experienced a significant drop Monday, with Brent crude reaching its lowest point in nearly two weeks. November Brent closed at $100.34 a barrel, down $3.53, or 3.4%. October West Texas Intermediate fell by $4.52, or 4.51%, to $95.78 a barrel. During trading, both benchmarks touched their weakest levels since September 9, extending a four-day slide across global crude markets.
Early Tuesday trading saw prices bounce back modestly after Monday’s sharp declines. November Brent increased by $1.14, or 1.1%, to $101.48 a barrel at 0317 GMT. Meanwhile, October WTI rose 87 cents, or 0.9%, to $96.65, ahead of its expiration. The more actively traded November WTI gained 85 cents to $93.22 per barrel. During Monday, Brent briefly dipped below $100 before rebounding above that level.
Saudi Arabia’s crude shipments picked up as oil flows through the Strait of Hormuz showed signs of recovery. Saudi Aramco loaded approximately 14 million barrels onto seven supertankers in the Gulf on Sunday. Tanker-tracking data indicated Saudi crude moving through Hormuz at around 2.9 million barrels per day over six days, up from about 700,000 barrels daily in August. Saudi Aramco remains a key source for regional export data monitored by traders.
Saudi exports rebound via critical shipping route
Developments in diplomacy involving the United States and Iran also drew attention at the United Nations General Assembly in New York. U.S. President Donald Trump expressed openness to meeting Iranian President Masoud Pezeshkian during the event. Iranian officials indicated Tehran had communicated conditions for renewed negotiations via mediators. No formal meeting between the two leaders was announced by Tuesday morning. These diplomatic updates coincided with ongoing market monitoring of Middle Eastern tensions.
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 reported that an armed group had closed a valve on the Sharara pipeline Monday, causing a significant drop in output at the field. As one of Libya’s largest, Sharara can produce roughly 300,000 barrels daily.
Libyan pipeline issue impacts supply levels
The NOC explained that the valve closure interrupted the pipeline feeding Sharara crude to Zawiya Port. The organization also noted that technical teams had been unable to access the valve area at the time of its statement. The shutdown reduced Libyan production while regional shipping activity remained closely watched. Market observers continued to track the return of higher Saudi export volumes through the Strait of Hormuz following weaker August flow levels.
The rebound in Brent prices on Tuesday partially recovered from Monday’s 3.4% decline but remained near recent lows. WTI also gained after falling 4.51% the previous session. Shipping volumes, pipeline activity, and production shifts remained critical factors influencing market behavior. Saudi crude exports through Hormuz strengthened, whereas the Libyan pipeline disruption cut into regional output. These events represent the latest verified changes impacting physical oil supplies among key Middle Eastern and North African producers.