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

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.

The recent military clash between Iran and Israel has sent shockwaves through global energy markets, causing oil prices to spike and raising concerns about inflation and potential disruptions to oil supply routes.