NEW YORK / RankWire.AI / – Oil prices experienced a sharp decline on Monday, pushing global crude standards to their lowest levels in 12 days. The November Brent crude closed at $100.34 per barrel, representing a drop of $3.53, or 3.4%. October West Texas Intermediate (WTI) decreased by $4.52, or 4.51%, to $95.78 per barrel. During the session, both contracts hit their lowest points since September 9.
However, crude oil prices gained momentum in early Tuesday trading following four days of continuous decline. By 0317 GMT, November Brent increased by $1.14, or 1.1%, reaching $101.48 per barrel. October WTI advanced by 87 cents, or 0.9%, to $96.65 before its Tuesday expiration. The more actively traded November WTI contract rose 85 cents, closing at $93.22 per barrel.
Recent disruptions to export routes caused Saudi oil shipments to show signs of recovery. According to tanker-tracking data, Saudi Aramco loaded roughly 14 million barrels onto seven supertankers in the Gulf on Sunday. Over six days, Saudi crude moving through the Strait of Hormuz averaged approximately 2.9 million barrels per day. This compares to about 700,000 barrels per day in August.
Saudi crude exports through Hormuz pick up momentum
The United Nations General Assembly in New York shifted the focus back onto U.S.-Iran relations this week. U.S. President Donald Trump publicly expressed openness to meeting Iranian President Masoud Pezeshkian during the event. Meanwhile, Iranian officials indicated Tehran had relayed conditions for resumed negotiations through mediators. As of Tuesday morning, no official meeting between the two presidents had been announced.
Despite the rise in Saudi exports, regional instability persisted. Yemen’s Houthis claimed to have attacked Riyadh and a Saudi Aramco facility in Yanbu, a Red Sea city. In Libya, the National Oil Corporation reported an armed group had shut a valve on the Sharara crude pipeline Monday, leading to a significant drop in production at one of the country’s largest oilfields.
Brent recovers after a four-day losing streak
The Libyan company stated that the valve closure disrupted the pipeline transporting Sharara crude to Zawiya Port. At the time of their statement, technical teams had been unable to access the affected valve area. Normally, Sharara’s production capacity is about 300,000 barrels per day. This disruption added to existing supply constraints, which are compounded by ongoing concerns over shipping conditions across key Middle Eastern export routes.
Brent briefly dipped below $100 per barrel on Monday but quickly recovered to settle at $100.34. The early Tuesday rebound kept the international benchmark above that threshold, while WTI also regained some of its earlier losses. The market continues to focus on confirmed export flows, pipeline operations, and geopolitical developments affecting key producers. The Saudi shipments through Hormuz and the pipeline shutdown at Sharara remain among the most recent verified supply updates.