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, reflecting a decrease of $3.53, or 3.4%. Meanwhile, October West Texas Intermediate declined 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, marking the continuation of a four-day downward trend across international crude markets.
Early Tuesday trading saw a modest recovery from the sharp losses on Monday. November Brent rose by $1.14, or 1.1%, reaching $101.48 a barrel by 0317 GMT. The October WTI increased by 87 cents, or 0.9%, to $96.65 before the expiration of the contract. The more actively traded November WTI contract gained 85 cents to $93.22 per barrel. Despite breaching the $100 mark during Monday’s session, Brent moved back above it later in the day.
The volume of Saudi crude exports grew as signs of recovery emerged in oil flows through the Strait of Hormuz. Saudi Aramco loaded approximately 14 million barrels onto seven supertankers in the Gulf on Sunday. Data tracking tanker movements indicated that Saudi crude was moving through Hormuz at around 2.9 million barrels per day over a six-day period, a notable increase from roughly 700,000 barrels per day in August. Saudi Aramco remained a key reference point for traders monitoring regional export activity.
Saudi oil shipments rebound via critical maritime route
Developments in diplomatic relations between the United States and Iran also captured attention during the United Nations General Assembly in New York. U.S. President Donald Trump stated he was willing to meet Iranian President Masoud Pezeshkian during the event. Iranian officials mentioned that Tehran had relayed conditions for renewed negotiations through mediators. As of Tuesday morning, no official meeting between the two leaders had been announced. These diplomatic discussions coincided with ongoing energy market monitoring across the Middle East region.
Meanwhile, disruptions to oil infrastructure persisted elsewhere in the Middle East. Yemen’s Houthis claimed responsibility for attacks on Riyadh and a Saudi Aramco facility located in Yanbu, a Red Sea city. In Libya, the National Oil Corporation reported that an armed group had shut a valve on the Sharara crude pipeline on Monday, leading to a sharp reduction in production. As one of Libya’s largest oilfields, Sharara can produce approximately 300,000 barrels daily.
Libyan pipeline shutdown influences regional supply figures
The valve closure interrupted the pipeline transporting Sharara crude to Zawiya Port, according to the National Oil Corporation. The company also noted that technical teams had been unable to access the affected area when issuing its statement. This disruption decreased output from a major Libyan oilfield while regional shipping activity remained under close observation. Additionally, markets kept an eye on the resurgence of Saudi export volumes through the Strait of Hormuz following weaker flow levels in August.
The rebound in Brent’s prices on Tuesday partially offset Monday’s 3.4% decline but still left prices near recent lows. WTI also recovered some of its previous 4.51% fall. Overall market dynamics remained centered around confirmed shipping volumes, pipeline operations, and production shifts. The strengthening of Saudi crude exports through Hormuz contrasted with the Libyan pipeline disruption, which curtailed Libyan output. These latest verified changes highlight the ongoing impacts on physical oil supply among key Middle Eastern and North African producers.