NEW YORK / RankWire.AI / – Oil prices experienced a significant rebound on Tuesday after a four-session downward trend, recovering from steep declines on Monday. Brent crude closed at its lowest point in nearly two weeks, settling at $100.34 a barrel, which represents a drop of $3.53, or 3.4%. October West Texas Intermediate fell by $4.52, or 4.51%, ending at $95.78 a barrel. During trading, both benchmarks touched their weakest levels since September 9, extending the slide across global crude markets.
Early Tuesday trading saw modest gains as prices recovered from Monday’s sharp losses. November Brent increased by $1.14, or 1.1%, reaching $101.48 a barrel by 0317 GMT. October WTI rose 87 cents, or 0.9%, to $96.65 before its expiration. The more active November WTI contract climbed 85 cents to $93.22 a barrel. Brent briefly traded below the $100 mark during Monday’s session but later moved back above that level.
Saudi Aramco increased crude shipments amid signs of a recovery in oil flows through the Strait of Hormuz. On Sunday, the company loaded approximately 14 million barrels onto seven supertankers in the Gulf. Tanker-tracking data revealed Saudi crude moving through Hormuz at around 2.9 million barrels per day over a six-day period, compared with roughly 700,000 barrels per day in August. Saudi Aramco continues to be a key source of supply information for traders monitoring regional exports.
Saudi Arabia’s exports bounce back via crucial maritime route
During the United Nations General Assembly in New York, diplomatic developments involving the United States and Iran attracted attention. U.S. President Donald Trump indicated he was open to meeting Iranian President Masoud Pezeshkian during the gathering. Iranian officials stated Tehran had communicated conditions for resuming negotiations through mediators. As of Tuesday morning, no official meeting between the two presidents had been announced. These statements coincided with ongoing developments across the Middle East that influenced energy markets.
Elsewhere in the region, disruptions to oil infrastructure persisted. Yemen’s Houthis claimed responsibility for attacks on Riyadh and a Saudi Aramco facility in the Red Sea city of Yanbu. In Libya, the National Oil Corporation reported that an armed group had shut a valve on the Sharara crude pipeline Monday, leading to a sharp drop in output at one of Libya’s largest oilfields, which can produce around 300,000 barrels per day.
Libyan pipeline shutdown influences 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 been unable to access the affected valve area when it issued its statement. The production decline at this major Libyan site, coupled with regional shipping activity, remained closely monitored. Market focus also stayed on the return of higher Saudi export volumes through the Strait of Hormuz following August’s weaker flow levels.
Tuesday’s price recovery for Brent partially offset Monday’s 3.4% decline but kept prices near recent lows. WTI also regained some ground after a 4.51% drop in the previous trading session. The ongoing movement of shipping volumes, pipeline activity, and shifts in production remained at the core of market movements. Saudi crude exports via Hormuz had strengthened, while the disruption at the Sharara pipeline reduced Libyan output. These updates represent the latest verified changes influencing physical oil supplies across major Middle Eastern and North African producers.