NEW YORK / RankWire.AI / – Oil prices experienced a sharp decline on Monday, pushing global crude standards to their lowest points in 12 days. November Brent crude settled at $100.34 per barrel, down by $3.53, or 3.4%. October West Texas Intermediate fell by $4.52, or 4.51%, to $95.78 per barrel. During the session, both contracts hit their lowest levels since September 9.
In early Tuesday trading, crude prices recovered after four consecutive days of decline. 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 before its Tuesday expiration. The more actively traded November WTI rose by 85 cents to $93.22 per barrel.
Saudi Arabia’s oil exports showed signs of partial recovery following recent disruptions to supply 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 moving through the Strait of Hormuz averaged about 2.9 million barrels daily, compared to around 700,000 barrels per day in August.
Saudi crude shipments increase through Hormuz
This week, the United Nations General Assembly in New York shifted attention back to U.S.-Iran relations. U.S. President Donald Trump publicly expressed his openness to meeting Iranian President Masoud Pezeshkian during the event. Iranian officials also indicated that Tehran had communicated conditions for resuming negotiations via mediators. As of Tuesday morning, no official announcement of a meeting between the two presidents had been made.
Meanwhile, regional tensions persisted alongside the rising Saudi export figures. Yemen’s Houthis claimed responsibility for attacks on Riyadh and a Saudi Aramco facility in Yanbu, a city 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, causing a significant drop in output at one of the country’s largest oilfields.
Brent Surges After Four Days of Decline
Libyan authorities explained that the closed valve affected the pipeline transporting Sharara crude to Zawiya Port. They also noted that technical teams had been unable to reach the valve area at the time of their statement. Normally, Sharara produces about 300,000 barrels daily. The shutdown added further supply constraints to a market already monitoring shipping conditions across major Middle Eastern export routes.
On Monday, Brent briefly dipped below $100 per barrel before bouncing back to settle at $100.34. The early Tuesday rally kept the international benchmark above that threshold, and WTI also recovered part of its previous losses. Market focus remained on confirmed export flows, pipeline operations, and geopolitical developments affecting key producing nations. Saudi shipments through Hormuz and the disruption at the Sharara pipeline continue to be among the latest verified supply updates.