Oil prices climbed on Thursday as fresh US strikes on Iran and renewed Israeli threats against Tehran heightened concerns over Middle East supply disruptions.

Brent crude futures rose 15 cents, or 0.16%, to $95.78 a barrel by 1700 GMT. Meanwhile, US West Texas Intermediate (WTI) crude gained 63 cents, or 0.69%, to $91.64.

Both benchmarks were heading for a fourth consecutive session of gains. Earlier in the day, they reached their highest levels in six weeks.

Israel Threatens Further Action Against Iran

Tensions remained elevated after Israeli Defence Minister Israel Katz renewed warnings against Tehran.

Katz said Israel would “cripple” Iran’s military and civilian infrastructure if Iran launched attacks against Israel. His warning also included energy facilities.

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Consequently, markets remained focused on the risk of further military escalation. Any attacks on energy infrastructure could threaten production, exports or transport routes across the region.

Putin Signals Openness to Peace Talks

However, gains in oil prices remained limited by comments from Russian President Vladimir Putin.

Putin said Thursday that an agreement to end the war in Ukraine could still be reached. Speaking at an economic forum in Russia’s Far East, he said several countries were prepared to support a potential peace settlement.

The comments eased some concerns about broader geopolitical risks. As a result, oil prices gave up part of their earlier gains.

Iran Tightens Strait of Hormuz Restrictions

Meanwhile, Iran added more ships to a list of vessels it considers non-compliant.

The vessels could face fines, confiscation or detention if they attempt to pass through the Strait of Hormuz, according to the report.

The waterway is a critical route for global energy shipments. Therefore, any disruption could put additional upward pressure on crude prices and increase volatility across international markets.

For now, investors are watching developments involving Iran, Israel and the Strait of Hormuz closely. Further military escalation could keep oil prices elevated in the near term.