NEW YORK / RankWire.AI / – Oil prices rebounded on Tuesday following a sharp decline on Monday, which saw Brent crude hit its lowest point in nearly two weeks. The November Brent contract closed at $100.34 a barrel, reflecting a drop of $3.53, or 3.4%. The October West Texas Intermediate (WTI) fell by $4.52, or 4.51%, finishing at $95.78 per barrel. During the trading session, both benchmarks reached their lowest levels since September 9, extending a four-session downward trend across global crude markets.
Early Tuesday trading saw a modest recovery as prices gained back some ground after Monday’s steep declines. November Brent increased by $1.14, or 1.1%, to $101.48 a barrel by 0317 GMT. October WTI rose 87 cents, or 0.9%, to $96.65 ahead of its expiration date. The more actively traded November WTI contract climbed 85 cents to $93.22 a barrel. During Monday’s session, Brent briefly dipped below $100 before bouncing back above that level.
Saudi Arabia’s crude shipments showed signs of a rebound as oil flows through the Strait of Hormuz indicated a recovery. Saudi Aramco loaded approximately 14 million barrels onto seven supertankers in the Gulf on Sunday. Tanker tracking data revealed that Saudi crude moving through Hormuz averaged about 2.9 million barrels per day over six days, a significant increase compared to roughly 700,000 barrels per day in August. Saudi Aramco continues to serve as a key data source for traders monitoring regional export activity.
Saudi exports bounce back through crucial maritime route
During the United Nations General Assembly in New York, diplomatic developments involving the United States and Iran drew considerable attention. U.S. President Donald Trump stated he was open to meeting Iranian President Masoud Pezeshkian during the event. Iranian officials indicated that Tehran had communicated conditions for resuming negotiations through mediators. However, as of Tuesday morning, no official meeting between the two presidents had been announced. These diplomatic signals coincided with ongoing developments in energy markets across the Middle East.
Oil infrastructure disruptions persisted in other parts of the region. 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, causing a significant drop in output. Sharara, one of Libya’s largest oilfields, produces approximately 300,000 barrels per day.
Libyan pipeline issues influence regional supply dynamics
The National Oil Corporation explained that the valve closure disrupted the pipeline transporting Sharara crude to Zawiya Port. The company also noted that technical teams had not been able to reach the affected valve area at the time of their statement. This interruption impacted production at a major Libyan field while regional shipping remained under close observation. Meanwhile, oil markets continued to monitor the rebound in Saudi export volumes via the Strait of Hormuz, following weaker flow levels recorded in August.
Tuesday’s recovery in Brent prices partially reversed Monday’s 3.4% decline but left values near recent lows. WTI also regained some of its lost ground after falling 4.51% in the previous session. Market activity remained driven by confirmed shipping volumes, pipeline operations, and shifts in production. The increase in Saudi exports through Hormuz, alongside the Libyan pipeline disruption reducing output, represented the latest verified developments influencing physical oil supply across key Middle Eastern and North African producers.