Brent crude to be delivered in June jumped 3.3% to $121.90 after briefly soaring past $126 per barrel. Brent to be delivered in July rose 1.4% to $112.02.
Benchmark U.S. crude climbed 1.3% to $108.28 per barrel.
Before the war began in late February, Brent crude was trading around $70 per barrel.
There's no clear path to an end to the war. The U.S. has continued its blockade of Iranian ports while the Strait of Hormuz is closed, pushing oil prices higher. Reports Thursday suggesting a possible escalation by U.S. President Donald Trump doused hopes for a quick end to the conflict.
“The breakdown of talks between the U.S. and Iran, along with President Trump reportedly rejecting Iran’s proposal for a reopening of the Strait of Hormuz, has the market losing hope for any quick resumption in oil flows,” ING Bank strategists Warren Patterson and Ewa Manthey wrote in a research note.
Oil prices vary depending on the type of crude oil, where it is being traded and under what terms, for futures contracts. By some measures, Brent has hit its highest level since its peak of $147.50 per barrel in 2008 during the global financial crisis.
On Wednesday, U.S. stocks were mixed. The benchmark S&P 500 edged down less than 0.1% to 24,673.24. The Dow Jones Industrial Average fell 0.6% to 48,861.81, while the Nasdaq composite edged less than 0.1% higher to 24,673.24.
