Industry experts warn Israel-Iran conflict could push oil to $120 per barrel if shipments through the Strait of Hormuz are disrupted during the tensions.

Global oil prices edged modestly lower in Wednesday afternoon trading, remaining nearly 10% higher than before Israel’s first attack on Iran last week, as investors look for evidence of supply disruption in crude markets as the conflict enters its sixth day.

President Trump said on Wednesday that Iran wants to negotiate, but he wouldn’t rule out U.S. military action.