Global oil prices topped $100 per barrel on Wednesday, with Brent Crude hitting its highest price point since late July, as the United States and Iran exchange airstrikes this week in the Strait of Hormuz.

Brent Crude, the marker for worldwide oil prices, rose about 3% on Wednesday morning to reach over $100 per barrel, a significant hit to the global energy market, which had hoped for barrel prices to remain under the three-figure mark. The global average price point per barrel has fluctuated throughout the U.S.-Iran war but has remained consistently elevated above approximately $72 per barrel, the level at the end of February before the conflict began.