SynopsisOil prices saw marginal gains as fresh threats between Iran and the US heightened concerns over the Strait of Hormuz closure. While Iran examines a new US proposal, President Trump indicated talks are on the "borderline" between a deal and renewed strikes. The ongoing blockade of the vital waterway continues to keep oil prices above $100 per barrel.ETMarkets.comOil prices continue to remain above $100 per barrel level amid the prolonged blockade over the Strait of Hormuz.Oil prices recorded marginal gains on Thursday after falling for two consecutive sessions as the continuing Iran-US war with fresh threats from both the sides raised concerns over further prolonged closure of the Strait of Hormuz.Brent crude futures gained 44 cents, or 0.4%, to $105.5 a barrel, while US West Texas Intermediate crude futures rose 50 cents, or 0.51%, to $98.76 a barrel. Iran on Wednesday said it was examining a new proposal by the US to end the raging war in the Middle East, while US President Donald Trump described the talks as being on the "borderline" between a deal and renewed strikes."It's right on the borderline, believe me…If we don't get the right answers, it goes very quickly. We're all ready to go,” Trump told reporters, explaining that the window for diplomacy can close soon.Iranian foreign ministry spokesman Esmaeil Baqaei meanwhile said that Tehran had "received the points of view of the American side" and was examining them. He repeated Iran's demands for the release of frozen assets and an end to the US blockade of Iranian ports.Earlier, Iran's chief negotiator Mohammad Bagher Ghalibaf accused US of trying to restart the war following Trump’s fresh threats. Ghalibaf warned of a "forceful response", while Iran's Revolutionary Guards said any renewed conflict would spread far beyond the Middle East."The enemy's movements, both overt and clandestine, show that despite economic and political pressure, it has not abandoned its military objectives and is seeking to start a new war," Ghalibaf said. While the deal continues to remain elusive, the April 8 ceasefire which halted open fighting between Iran and the United States-Israel continues to become fragile.Iran on Wednesday announced a new "Persian Gulf Strait Authority," saying there would be a "controlled maritime zone" in the Strait of Hormuz.Oil prices however continue to remain above $100 per barrel level amid the prolonged blockade over the Strait of Hormuz, a narrow 33-kilometre waterway connecting the Persian Gulf with the Gulf of Oman that handles over 20% of the world’s daily oil and gas shipments.What lies ahead?Notably, both the benchmarks had dropped around 6% on Wednesday after 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."If Trump insists on making no concessions to Iran, an agreement seems unlikely, and the final outcome of the negotiations could reverse sharply," ⁠Reuters quoted ‌Yang An, analyst at Haitong Futures, as saying."The drawdown in oil inventories will make it difficult for oil prices to remain low," the report further quoted Mingyu Gao, chief researcher for energy and chemicals at China Futures, as saying."With the Strait of Hormuz blocked, global refined-product and onshore crude inventories are expected to fall below their lowest levels for this time of year in the past five years by late May and late June," Gao said.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)Read More News on(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price...moreless(You can now subscribe to our ETMarkets WhatsApp channel)Read More News on(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price...moreless