The price of global oil rose on Thursday, as the energy market continues to react to the United States and Israel’s war with Iran. 

The cost of a barrel of Brent crude oil, the global benchmark for oil prices, peaked at $118 per barrel on Thursday morning and then slightly receded, now hovering around $114. The spike is up from roughly $107 at the previous close, marking some of the highest prices since 2022. The cost of the commodity has increased by more than 48% since the war began in late February.