US-Iran war, May 21 -- Oil prices recovered on Thursday following two consecutive sessions of decline, driven by persistent supply concerns amid uncertainty over a possible resolution to the Iran conflict. A drawdown in US crude inventories also heightened fears over tightening global stockpiles.

Brent crude futures gained 81 cents, or 0.77%, to trade at $105.83 a barrel, while US West Texas Intermediate crude futures advanced 97 cents, or 0.99%, to $99.23.

Back home, crude oil prices on Multi Commodity Exchange (MCX) also witnessed an upward movement, tracking global prices. MCX crude oil prices surged as much as 1.07% to Rs.9,564 per barrel.

US President Donald Trump stated that negotiations with Iran were nearing completion, while a...