Before the start of the war in late February, Brent crude was trading around $70 per barrel.

The Iran war, which is in its ninth week, still sees no clear path to an end. The U.S. has continued its blockade of Iranian ports while the Strait of Hormuz, is closed, pushing oil prices higher. Reports Thursday suggesting an 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.

With the war rattling world markets, the U.S. dollar surged to 160.51 Japanese yen, its highest level in nearly two years. It closed at 160.44 yen on Wednesday.

The dollar has gained against other major currencies partly due to its status as a haven for investors in times of risk, and partly because U.S. interest rates have remained relatively high as the Federal Reserve strives to balance a need to boost the economy with the higher prices that partly are a result of the war.

The Fed’s decision to keep interest rates steady at its policymaking meeting Wednesday further supported the dollar.

Japanese officials would be likely to intervene in the market if the yen drops much more, analysts said.

The euro fell to $1.1663 from $1.1675.

U.S. futures and share prices in Asia retreated following a muted performance on Wall Street on Wednesday.

Tokyo’s Nikkei 225 shed 1.6% to 58,967.07 and the Kospi in South Korea fell 1.1% to 6,615.51.

Hong Kong’s Hang Seng lost 1.3% to 25,772.50, and the Shanghai Composite index traded 0.1% higher at 4,109.99. China’s factory activity for April slowed slightly but remained in expansion territory for the second month, despite the global energy shock prompted by the Iran war, an official survey showed.

Australia’s S&P/ASX 200 was down 0.3% to 8,665.50.

Taiwan’s Taiex edged 0.1% lower and while India’s Sensex lost 1.2%.

UNITED ARAB EMIRATES QUITS OPEC ALLIANCE

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.

Shares of Starbucks jumped 8.4% following better-than-expected results, and Visa surged 8.3% likewise.

In other dealings, the yield on the U.S. 10-year Treasury rose to 4.42% from 4.36% on Tuesday, after the Fed announced it was holding off on interest rate cuts.