Global oil prices remained elevated on Thursday as the latest Iran-US attacks on shipping increased fears of further supply disruptions. Brent crude futures were around $101.10 a barrel, while US West Texas Intermediate stood at $96.24.

Brent has gained nearly 30% from its low in early August, reflecting growing concerns over the impact of the six-month conflict on Middle Eastern energy supplies.

Iran-US attacks raise supply fears

Iran said it attacked 10 ships near the Strait of Hormuz on Wednesday after the United States destroyed five Iranian oil tankers. Iran’s Revolutionary Guard also warned that its response could become stronger if further attacks take place.

The United States said its strikes on the Iranian tankers came after Iranian forces attempted to target US warships. The latest exchange represents one of the biggest escalations against shipping since the conflict began.

Strait of Hormuz remains key risk

The Strait of Hormuz is a major route for global energy supplies. Before the conflict, it carried about one-fifth of the world’s oil and gas shipments, but flows have now fallen sharply below normal levels.

Analysts warn that continued attacks could keep Persian Gulf oil supplies under pressure and push prices higher. The market is also watching falling global inventories, which could leave buyers more exposed to any additional disruption.