NEW YORK / RankWire.AI / – Oil prices experienced a notable recovery Tuesday morning after a significant drop the previous day, which marked their fourth consecutive session decline across global markets. During Monday’s trading, Brent crude closed at its lowest point in nearly two weeks, settling at $100.34 a barrel, down $3.53, or 3.4%. Meanwhile, October West Texas Intermediate fell by $4.52, or 4.51%, ending at $95.78 a barrel. Both benchmarks reached their weakest levels since September 9 during the session. The downward trend persisted across international crude markets for four days in a row.
In early trading on Tuesday, prices slightly recovered after the sharp declines on Monday. By 0317 GMT, November Brent increased by $1.14, or 1.1%, to $101.48 per barrel. The October WTI gained 87 cents, or 0.9%, reaching $96.65 before the expiration of its contract. The more actively traded November WTI contract also rose by 85 cents, closing at $93.22 per barrel. During Monday’s session, Brent briefly traded below the $100 mark before climbing back above it.
Saudi Arabia’s crude exports showed signs of improvement as oil flows through the Strait of Hormuz appeared to recover. On Sunday, Saudi Aramco loaded roughly 14 million barrels onto seven supertankers in the Gulf. Data tracking tanker movements indicated that Saudi crude was moving through Hormuz at approximately 2.9 million barrels per day over six days, compared to about 700,000 barrels daily in August. Saudi Aramco continues to serve as a key reference point for traders monitoring regional export levels.
Saudi Oil Exports Rebound via Strategic Shipping Route
During the United Nations General Assembly in New York, diplomatic developments involving the United States and Iran also captured attention. U.S. President Donald Trump expressed openness to meeting Iranian President Masoud Pezeshkian during the event. Iranian officials indicated that Tehran had communicated conditions for resuming negotiations through mediators. No official meeting between the two leaders had been announced as of Tuesday morning. These statements coincided with ongoing market attention on the evolving situation in the Middle East.
Elsewhere in the region, disruptions to oil infrastructure persisted. Yemen’s Houthis claimed responsibility for attacks on Riyadh and a Saudi Aramco facility located in Yanbu, in the Red Sea. Additionally, Libya’s National Oil Corporation reported that an armed group had shut a valve on the Sharara crude pipeline Monday, causing a significant drop in output at the field. Sharara, one of Libya’s largest oilfields, can produce approximately 300,000 barrels daily.
Libyan Pipeline Closure Impacts Supply and Market Dynamics
The National Oil Corporation stated that the valve shutdown interrupted the pipeline transporting Sharara crude to Zawiya Port. The organization also mentioned that technical teams were unable to access the affected area when the statement was issued. This disruption reduced production at a major Libyan oilfield, while regional shipping remained under close scrutiny. Oil markets continued to monitor the recovery of Saudi export volumes through the Strait of Hormuz, following weaker flow levels observed in August.
The rebound in Brent’s prices on Tuesday helped recover part of Monday’s 3.4% decline, though prices remained near recent lows. WTI also regained some value after falling 4.51% in the previous session. Market activity continued to be driven by confirmed shipping volumes, pipeline operations, and changes in production. The strengthening of Saudi crude exports through Hormuz contrasted with the reduced Libyan output caused by the pipeline shutdown. These recent developments constitute the latest verified factors influencing the physical oil supply across major Middle Eastern and North African producers.