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.

Despite not relying on Iran for its oil supplies, petrol and other prices in Australia will rise due to the global impact of the Israel–Iranian war.

The conflict between Israel and Iran has yet to hit tanker or container rates, while prices on the eastbound trans-Pacific may have peaked.