NEW YORK / RankWire.AI / – Oil prices experienced a steep decline Monday, pushing global crude benchmarks to their lowest levels in 12 days. The November Brent crude closed at $100.34 a barrel, reflecting a decrease of $3.53, or 3.4%. Meanwhile, October West Texas Intermediate dropped $4.52, or 4.51%, settling at $95.78 per barrel. During the trading session, both contracts touched their lowest points since September 9.
In early Tuesday trading, crude oil prices started to climb after four days of consecutive declines. By 0317 GMT, November Brent increased by $1.14, or 1.1%, reaching $101.48 a barrel. October WTI advanced 87 cents, or 0.9%, to $96.65, ahead of its Tuesday expiration. The more actively traded November WTI contract also gained 85 cents, closing at $93.22 a barrel.
Saudi Arabia’s oil exports showed signs of recovery following recent disruptions to supply routes. According to tanker-tracking data, Saudi Aramco loaded around 14 million barrels onto seven supertankers in the Gulf on Sunday. Over six days, Saudi crude transported through the Strait of Hormuz averaged roughly 2.9 million barrels per day, a significant increase from approximately 700,000 barrels daily in August.
Saudi crude exports through Hormuz on the rise
This week, the United Nations General Assembly in New York refocused attention on U.S.-Iran relations. U.S. President Donald Trump publicly expressed openness to meeting Iranian President Masoud Pezeshkian during the event. Iranian officials also indicated that Tehran had communicated conditions for renewed negotiations through mediators. As of Tuesday morning, no official meeting between the two presidents had been scheduled.
Meanwhile, regional tensions persisted alongside the growth in Saudi export flows. Yemen’s Houthis announced they had targeted 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, leading to a sharp drop in production at one of the country’s largest oilfields.
Brent recovers after four days of decline
The Libyan NOC stated that the closure of the valve interrupted the pipeline transporting Sharara crude to Zawiya Port. It also noted that technical teams had been unable to reach the affected valve area at the time of their statement. Sharara typically produces about 300,000 barrels per day. This disruption added to existing supply constraints amid ongoing concerns over shipping conditions along major Middle East export routes.
Brent briefly fell below $100 a barrel on Monday before rebounding to settle at $100.34. The early Tuesday rally helped maintain the benchmark above that level, while WTI also recovered some of its prior losses. The oil markets remained focused on confirmed export flows, pipeline operations, and geopolitical developments involving key producing nations. Notably, Saudi Arabian shipments passing through Hormuz and the Libyan pipeline disruption continued to influence supply outlooks.