NEW YORK / RankWire.AI / – Oil prices declined sharply on Monday, pushing global crude indicators to their lowest points in over a week. The November Brent crude closed at $100.34 per barrel, reflecting a drop of $3.53, or 3.4%. Meanwhile, October West Texas Intermediate decreased by $4.52, or 4.51%, to $95.78 per barrel. During trading, both contracts reached their lowest levels since September 9.
Crude oil prices started climbing early Tuesday following four days of consecutive declines. November Brent increased by $1.14, or 1.1%, reaching $101.48 per barrel by 0317 GMT. October WTI gained 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 per barrel.
Saudi Arabia’s oil shipments showed signs of 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 the past six days, Saudi crude exports passing 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 Grow
The United Nations General Assembly in New York has shifted focus back onto U.S.-Iran relations this week. U.S. President Donald Trump publicly expressed his openness to meeting Iranian President Masoud Pezeshkian during the gathering. Iranian officials also stated that Tehran had relayed conditions for renewed negotiations through mediators. As of Tuesday morning, no official meeting between the two leaders had been announced.
Meanwhile, regional tensions persisted alongside the rise in Saudi export volumes. Yemen’s Houthis claimed to have attacked Riyadh and a Saudi Aramco facility in Yanbu, a city located on the Red Sea. In Libya, the National Oil Corporation reported that an armed group had shut a valve on the Sharara crude pipeline Monday, resulting in a sharp reduction in production at one of the country’s largest oilfields.
Brent Recovers After Four-Day Drop
The Libyan authorities indicated that the shutdown valve interrupted the pipeline transporting Sharara crude to Zawiya Port. They also noted that technical teams had yet to access the affected valve area at the time of their statement. Sharara’s typical output capacity is around 300,000 barrels per day. The disruption added to existing supply constraints amid ongoing concerns over shipping conditions across major Middle East export routes.
Brent crude briefly dipped below $100 a barrel on Monday but then rebounded to close at $100.34. The early recovery on Tuesday kept the international benchmark above that threshold, while WTI also regained some of its previous losses. Oil markets continue to monitor confirmed export flows, pipeline statuses, and geopolitical developments involving key oil-producing nations. The recent Saudi shipments through Hormuz and the pipeline disruption at Sharara are among the latest verified supply shifts influencing the market.