NEW YORK / RankWire.AI / – Oil prices dropped sharply Monday as Brent crude closed at its lowest level in nearly two weeks. November Brent settled at $100.34 a barrel, losing $3.53, or 3.4%. October West Texas Intermediate fell $4.52, or 4.51%, to $95.78 a barrel. Both benchmarks touched their weakest levels since September 9 during the session. The retreat extended a four-session decline across international crude markets.
Prices recovered modestly in early Tuesday trading after the steep Monday losses. November Brent rose $1.14, or 1.1%, to $101.48 a barrel by 0317 GMT. October WTI gained 87 cents, or 0.9%, to $96.65 before the contract’s expiration. The more active November WTI contract climbed 85 cents to $93.22 a barrel. Brent had briefly traded below $100 during Monday’s session before moving back above that mark.
Saudi crude shipments increased as oil flows through the Strait of Hormuz showed signs of recovery. Saudi Aramco loaded about 14 million barrels onto seven supertankers in the Gulf on Sunday. Tanker-tracking data showed Saudi crude moving through Hormuz at about 2.9 million barrels per day over six days. That volume compared with roughly 700,000 barrels per day in August. Saudi Aramco remained a key source of supply data for traders monitoring regional exports.
Saudi exports recover through key shipping route
Diplomatic developments involving the United States and Iran also drew attention during the United Nations General Assembly in New York. U.S. President Donald Trump said he was open to meeting Iranian President Masoud Pezeshkian during the gathering. Iranian officials said Tehran had communicated conditions for renewed negotiations through mediators. No formal meeting between the two presidents had been announced by Tuesday morning. The statements came as energy markets continued tracking developments across the Middle East.
Oil infrastructure disruptions continued elsewhere in the region. Yemen’s Houthis said they had attacked Riyadh and a Saudi Aramco facility in the Red Sea city of Yanbu. In Libya, the National Oil Corporation said an armed group closed a valve on the Sharara crude pipeline Monday. The closure caused a sharp decline in output at the field. Sharara ranks among Libya’s largest oilfields and can produce about 300,000 barrels per day.
Libyan pipeline disruption adds to supply developments
The National Oil Corporation said the valve closure interrupted the pipeline carrying Sharara crude to Zawiya Port. The company also said technical teams could not reach the affected valve area when it issued its statement. The interruption reduced production at a major Libyan field while regional shipping remained under close watch. Oil markets were also tracking the return of higher Saudi export volumes through the Strait of Hormuz following the weaker August flow levels.
Brent’s Tuesday rebound restored part of Monday’s 3.4% decline but left prices near recent lows. WTI also recovered some ground after its 4.51% fall in the previous session. Confirmed shipping volumes, pipeline operations and production changes remained central to market activity. Saudi crude exports through Hormuz had strengthened, while the Sharara pipeline disruption reduced Libyan output. Together, those developments marked the latest verified changes affecting physical oil supply across major Middle Eastern and North African producers.