NEW YORK / RankWire.AI / – Oil prices experienced a significant rebound Monday, after hitting their lowest point in 12 days. The November Brent crude settled at $100.34 a barrel, representing 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 touched their lowest values since September 9.
On Tuesday morning, crude prices reversed their downward trend with gains after four straight sessions of decline. 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 the contract’s Tuesday expiration. The more actively traded November WTI contract rose 85 cents, settling at $93.22 per barrel.
Export activity from Saudi Arabia showed signs of partial recovery following recent disruptions. 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 shipments passing through the Strait of Hormuz averaged about 2.9 million barrels per day, a notable increase from roughly 700,000 barrels per day in August.
Saudi crude exports through Hormuz increase
The UN General Assembly in New York has once again brought U.S.-Iran relations into focus this week. U.S. President Donald Trump publicly expressed his openness to a meeting with Iranian President Masoud Pezeshkian during the gathering. Meanwhile, Iranian officials indicated that Tehran had conveyed conditions for restarting negotiations through mediators. As of Tuesday morning, no official announcement of a meeting between the two presidents had been made.
Regional tensions persisted alongside the rise in Saudi export flows. Yemen’s Houthis claimed responsibility for attacks on Riyadh and a Saudi Aramco facility in Yanbu, a Red Sea city. In Libya, the National Oil Corporation reported that an armed group had shut a valve on the Sharara crude pipeline on Monday, leading to a sharp decrease in production at one of the country’s largest oilfields.
Brent oil recovers after a four-day drop
Libyan officials stated that the valve closure disrupted the pipeline transporting Sharara crude to Zawiya Port. They also noted that technical teams had yet to reach the affected area at the time of their statement. Sharara typically produces around 300,000 barrels daily. The disruption added to existing supply concerns, which were already heightened by shipping conditions along major Middle East export routes.
Monday saw Brent briefly dip below $100 a barrel before bouncing back to settle at $100.34. Early Tuesday, the rebound kept the international benchmark above that level, while WTI also recovered some of its previous losses. The market focus remained on confirmed export flows, pipeline statuses, and geopolitical developments affecting key producing nations. Saudi Arabia’s shipments through Hormuz and the shutdown at the Sharara pipeline were among the latest verified supply updates influencing prices.