NEW YORK / RankWire.AI / – Oil prices rebounded Monday after falling sharply, with crude benchmarks hitting their lowest point in 12 days. November Brent crude closed at $100.34 a barrel, marking a decline of $3.53, or 3.4%. October West Texas Intermediate dropped $4.52, or 4.51%, settling at $95.78 a barrel. During trading, both contracts reached their lowest levels since September 9.
On Tuesday morning, crude prices gained momentum following four consecutive days of decline. November Brent increased by $1.14, or 1.1%, to reach $101.48 a barrel by 0317 GMT. October WTI moved up 87 cents, or 0.9%, to $96.65, ahead of its Tuesday expiration. The more actively traded November WTI contract also rose 85 cents, closing at $93.22 a barrel.
Saudi oil shipments displayed signs of a partial recovery after recent disruptions to export routes. According to tanker-tracking data, Saudi Aramco loaded approximately 14 million barrels onto seven supertankers in the Gulf on Sunday. Over six days, Saudi crude transported through the Strait of Hormuz averaged about 2.9 million barrels daily, a significant increase from roughly 700,000 barrels per day in August.
Saudi oil exports through Hormuz see uptick
The United Nations General Assembly in New York has once again brought U.S.-Iran relations into the spotlight this week. U.S. President Donald Trump publicly stated he was open to meeting Iranian President Masoud Pezeshkian during the gathering. Iranian officials also indicated that Tehran had conveyed conditions for restarting negotiations through mediators. As of Tuesday morning, no formal meeting between the two leaders had been announced.
Meanwhile, regional tensions persisted alongside the rise in Saudi oil exports. Yemen’s Houthis claimed responsibility for attacks on Riyadh and a Saudi Aramco facility in the Red Sea city of Yanbu. In Libya, the National Oil Corporation announced that an armed group had shut a valve on the Sharara crude pipeline Monday, resulting in a sharp decline in production at one of the country’s largest oilfields.
Brent recovers after four days of decline
The Libyan NOC stated that the valve closure affected the pipeline carrying Sharara crude to Zawiya Port. The company also noted that technical teams were unable to access the valve at the time of the statement. Normally, Sharara produces about 300,000 barrels daily. The disruption added another supply constraint amid ongoing concerns over shipping conditions across key Middle East export routes.
Brent briefly dipped below $100 a barrel on Monday before bouncing back to close at $100.34. The early Tuesday rally kept the international benchmark above that threshold, while WTI also regained some of its previous losses. Oil markets continue to focus on confirmed export flows, pipeline statuses, and developments among major producers. Saudi shipments through Hormuz and the pipeline disruption at Sharara remain among the latest verified supply updates.