Oil rebounds on uncertainty over Iran peace deal and inventory drawdowns

Oil prices rebounded on Thursday after two days of losses on outstanding supply concerns because of the uncertain outlook for an end to the Iran war and ​a US inventory draw raised worries about the depletion of global stockpiles. Brent crude futures rose ‌81 cents, or 0.77%, to $105.83 a barrel by 0055 GMT, and U.S. West Texas Intermediate futures were up 97 cents, or 0.99%, at $99.23. Both benchmarks dropped more than 5.6% on Wednesday after U.S. President Donald Trump said negotiations with Iran were in ​the final stages, but he also threatened further attacks if it did not agree to a peace ​deal. Iran warned against further attacks and announced steps entrenching its control of the crucial ⁠Strait of Hormuz waterway, which before the war carried oil and liquefied natural gas shipments equal to ​about 20% of global consumption but has been mostly closed.