Oil prices saw a rebound on Thursday after experiencing losses earlier in the week, largely due to ongoing supply concerns linked to the uncertain outcome of the Iran war and a significant draw in U.S. oil inventories. Brent crude futures increased by 81 cents to $105.83 per barrel, while U.S. West Texas Intermediate futures rose by 97 cents to $99.23. The recent drop in prices was influenced by U.S. President Donald Trump's comments regarding negotiations with Iran, which are reportedly in their final stages. However, he also warned of further military action if a peace deal is not reached. Iran's response included the announcement of a new 'Persian Gulf Strait Authority,' which aims to control maritime traffic in the strategically vital Strait of Hormuz, a crucial route for global oil shipments. The U.S. Energy Information Administration reported a record withdrawal of nearly 10 million barrels from the Strategic Petroleum Reserve last week, contributing to fears of depleting global stockpiles. With commercial crude inventories down by 7.9 million barrels, analysts suggest that oil prices may struggle to remain low amid these supply challenges.