NEW YORK / RankWire.AI / – Oil prices experienced an upward turn following a four-session slide, as Brent crude closed at its lowest point in nearly two weeks. On Monday, November Brent settled at $100.34 a barrel, reflecting a decrease of $3.53, or 3.4%. October West Texas Intermediate also fell, dropping $4.52, or 4.51%, to $95.78 per barrel. Both benchmarks reached their weakest levels since September 9 during trading, extending the recent downward trend across global crude markets for four consecutive sessions.
Market prices saw a modest recovery in early Tuesday trading, reversing some of Monday’s steep losses. By 0317 GMT, November Brent increased by $1.14, or 1.1%, to $101.48 per barrel. The October WTI gained 87 cents, or 0.9%, reaching $96.65, ahead of its expiration. The more actively traded November WTI contract climbed 85 cents to $93.22 per barrel. During Monday’s trading session, Brent briefly dipped below $100 before climbing back above that threshold.
Saudi Arabia’s crude exports rose as oil flows through the Strait of Hormuz showed signs of stabilization. Saudi Aramco loaded approximately 14 million barrels onto seven supertankers in the Gulf on Sunday. Tanker tracking data indicated that Saudi crude moved through Hormuz at an average of about 2.9 million barrels per day over six days, compared with roughly 700,000 barrels per day in August. Saudi Aramco remains a crucial source of supply information for traders monitoring regional exports.
Saudi oil exports bounce back via key shipping lane
Diplomatic tensions involving the United States and Iran also garnered attention during the United Nations General Assembly in New York. U.S. President Donald Trump stated he was open to meeting Iranian President Masoud Pezeshkian during the event. Iranian officials mentioned that Tehran had communicated conditions for renewed negotiations through mediators. As of Tuesday morning, no official meeting between the two presidents had been scheduled. These developments coincided with ongoing monitoring of the Middle East’s geopolitical situation by energy markets.
Disruptions to oil infrastructure persisted elsewhere in the region. Yemen’s Houthis claimed responsibility for attacks on Riyadh and a Saudi Aramco facility in Yanbu, a Red Sea city. Additionally, Libya’s National Oil Corporation reported that an armed group had closed a valve on the Sharara crude pipeline Monday, causing a significant drop in production at one of Libya’s largest oilfields, which can produce about 300,000 barrels daily.
Libyan pipeline issue influences supply dynamics
The valve closure disrupted the pipeline transporting Sharara crude to Zawiya Port. The National Oil Corporation also noted that technical teams had been unable to access the affected area when issuing their statement. This interruption diminished output at a key Libyan field, while regional shipping remained under strict observation. Market participants also tracked the return of higher Saudi export volumes through the Strait of Hormuz following weaker flow levels in August.
Tuesday’s rebound in Brent prices partly recovered from Monday’s 3.4% decline but remained near recent lows. WTI also gained after falling 4.51% in the previous session. Market activity continued to focus heavily on verified shipping volumes, pipeline operations, and production adjustments. Strengthened Saudi exports through Hormuz contrasted with the Libyan pipeline disruption, which reduced Libyan output. Collectively, these developments represent the latest verified shifts impacting physical oil supply among major Middle Eastern and North African producers.