Oil prices were little changed in U.S. trade on Thursday, retracing early gains as traders grew less concerned about mounting tensions between the United States and Iran, but prices were still supported by evidence that OPEC and other big exporters were cutting production. “Traders seem to have concluded the dispute between the U.S. and Iran over a recent missile test represents more of a war of words than the start of a military confrontation that would put supplies from the wider Persian Gulf at risk,” Tim Evans, Citi Futures’ energy futures specialist, said in a note.