Oil prices extended their gains on Thursday, with Brent crude futures climbing to $119.94 a barrel, a rise of 1.62%, following a 6.1% increase in the previous session. U.S. West Texas Intermediate futures also saw an uptick, reaching $107.51 a barrel, up 0.59%. The surge is attributed to concerns over prolonged supply disruptions due to the deadlock in U.S.-Israeli negotiations regarding Iran, which has significantly impacted shipping through the Strait of Hormuz, a critical chokepoint for global oil supplies. U.S. President Donald Trump has been in discussions with oil companies about mitigating the potential impacts of a blockade on Iranian ports, which has heightened market anxiety. Analysts predict that any resolution to the conflict remains unlikely in the near term, and the OPEC+ coalition is expected to consider a modest increase of around 188,000 barrels per day in output quotas during their upcoming meeting. However, the recent withdrawal of the United Arab Emirates from OPEC is anticipated to challenge the organization's ability to manage oil prices effectively.