Brent traded near $105 a barrel, after sliding 5.6% in the previous session on comments from President Donald Trump that the US was in the “final stages” with Iran. Iran is in the process of responding to a US message that “has narrowed the gaps to some extent,” the semi-official Iranian Students’ News Agency said Thursday.

Conflicting headlines about the status of negotiations have buffeted oil this week, with prices more than 40% higher than when the war started at the end of February. Still, traders have consistently priced in the possibility of an abrupt deescalation, including a deal under which Iran reopens the key shipping lane and unlocks millions of barrels stuck in the Persian Gulf.

“Our market continues to dance to the tune of the US President,” said John Evans, an analyst at brokerage PVM. “Donald Trump may have lost the initiative in this current war, but he certainly has not lost the ability to control the narrative.”

Even if the Iran conflict ended immediately, Middle East oil flows would not fully recover until well into 2027, Abu Dhabi National Oil Co. Chief Executive Officer Sultan Al Jaber said Wednesday. The Strait of Hormuz closure was the market’s most severe supply disruption on record, he said.

Already, global stockpiles of crude oil and products are being drawn down at a record pace this month as the war drags on, curtailing supplies, according to Goldman Sachs Group Inc. On Wednesday, US crude inventories including strategic reserves posted the biggest decline on record, as record American exports help keep markets supplied overseas.

Some nascent signs of higher flows through Hormuz are also siphoning a risk premium out of crude prices. Three oil supertankers appeared to attempt to cross the waterway, the latest in a small uptick in traffic after a relative lull in recent days.

There are also signs that some of the market’s worst fears around supply are being averted for now. Low-cost European airline EasyJet Plc said on Thursday that it has seen no issues with jet fuel supply and has no concerns about its ability to fly its planned schedule over the summer.