NEW YORK / RankWire.AI / – Oil prices experienced a notable rebound on Monday, after reaching their lowest point in 12 days, with global crude benchmarks declining sharply. The November Brent crude settled at $100.34 a barrel, reflecting a drop of $3.53, or 3.4%. Meanwhile, October West Texas Intermediate decreased by $4.52, or 4.51%, to close at $95.78 a barrel. During the trading session, both contracts marked their lowest levels since September 9.
Early Tuesday trading saw crude prices climb again after four straight days of decline. By 0317 GMT, November Brent increased by $1.14, or 1.1%, reaching $101.48 a barrel. October WTI gained 87 cents, or 0.9%, to $96.65 as the contract approached its Tuesday expiration. Additionally, the more actively traded November WTI contract rose by 85 cents to $93.22 a barrel.
Recent disruptions to export routes appeared to ease as Saudi oil shipments showed signs of recovery. Tanker-tracking data indicated that Saudi Aramco loaded approximately 14 million barrels onto seven supertankers in the Gulf on Sunday. Over six days, Saudi crude exports passing through the Strait of Hormuz averaged around 2.9 million barrels per day, compared to 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 shifted focus back onto U.S.-Iran relations. U.S. President Donald Trump publicly expressed his willingness to meet Iranian President Masoud Pezeshkian during the event. Iranian officials also conveyed that Tehran had communicated certain conditions for resuming negotiations through mediators. As of Tuesday morning, no formal meeting between the two presidents had been scheduled.
Meanwhile, regional tensions persisted amid the increase in Saudi exports. Yemen’s Houthis claimed responsibility for attacks on Riyadh and a Saudi Aramco facility located in Yanbu, a city on the Red Sea. Additionally, Libya’s National Oil Corporation announced that an armed group had shut a valve on the Sharara crude pipeline on Monday, leading to a significant reduction in production at one of the country’s largest oilfields.
Brent recovers after four days of losses
The Libyan NOC noted that the valve closure interrupted the pipeline carrying Sharara crude to Zawiya Port. It also mentioned that technical teams had yet to reach the affected area when the statement was issued. Normally, Sharara’s production capacity stands around 300,000 barrels per day. This disruption added further supply constraints to an already volatile market, which is closely monitoring shipping conditions across key Middle Eastern export routes.
Brent briefly dipped below $100 a barrel on Monday before bouncing back to settle at $100.34. The early rebound on Tuesday kept the international benchmark above that threshold, while WTI also recovered some of its previous decline. Market focus remained on confirmed export flows, pipeline activity, and geopolitical developments affecting major producers. Saudi shipments through Hormuz and the disruption at the Sharara pipeline continue to be significant factors shaping supply updates.