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Oil prices remained near recent highs on Thursday as escalating military action between the United States and Iran intensified concerns about Middle East energy supply disruptions.
Brent crude futures traded around $101.22 per barrel by 22:06 ET (02:06 GMT), while West Texas Intermediate (WTI) crude futures gained 0.3% to $96.33 a barrel. Prices have remained elevated as traders assess the risk of further disruptions to oil shipments from the Persian Gulf.
The latest increase in geopolitical tensions followed another round of attacks involving U.S. and Iranian forces. Iran said it targeted 10 ships in and around the Strait of Hormuz on Wednesday, while the U.S. said it responded by sinking five Iranian oil tankers.
Shipping through the Strait of Hormuz, one of the world's most important oil transit routes, remains at a fraction of levels recorded before the conflict. Reduced traffic has heightened concerns about global crude supplies and kept upward pressure on oil prices.
Supply risks have also spread beyond Hormuz. Yemen's Iran-backed Houthi movement attacked Saudi Arabian energy infrastructure this week, raising fears that the conflict could threaten additional production and export facilities across the Gulf.
ANZ analysts said the continuing exchange of attacks suggests Persian Gulf oil flows could remain disrupted for an extended period. They warned that a broader regional conflict could cause even greater supply losses at a time when the global oil market is already struggling to adjust.
Political uncertainty is adding another layer of risk. U.S. President Donald Trump said Wednesday that he expects the Iran war to end after the November midterm elections.
However, the Wall Street Journal reported that some of Trump's senior advisers have warned the conflict could continue through the remainder of his presidential term. With few indications of an immediate de-escalation, traders remain focused on developments in Iran, the Strait of Hormuz and Saudi Arabia for signs of further disruption to global oil supplies.
