Oil prices slipped on Thursday as investors hesitated to take new positions after U.S. President Donald Trump gave mixed signals on the country's potential involvement in the ongoing Israel-Iran conflict.

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.

Nuvama said the Israel-Iran tensions have threatened to drive oil prices to $100 a barrel due to the potential closure of the Strait of Hormuz with a war premium already built into current prices.