Oil prices on Thursday rebounded from a steep decline, as investors continued to analyse the direction of the Iran conflict following the victory of Democrats in the US midterm elections. Brent, the benchmark for two thirds of the world's oil, was up 2.47 per cent to $96.96 a barrel at 7.11pm UAE time, having gained more than 3 per cent earlier. West Texas Intermediate, the gauge that tracks US crude, rose 2.02 per cent to $89.90 per barrel.