Stocks fall and Brent oil rises 3% as investors retreat from growing risks

Global stocks declined on Thursday after earnings from major technology companies unsettled investors. Concern about renewed Middle East fighting pushed Brent crude, the global oil benchmark, up 3% to about $112 a barrel. Brent reached the highest price since May. West Texas Intermediate crude, the U.S. oil benchmark, also climbed, reaching nearly $100 a barrel.

Oil prices have reached $120 a barrel since the U.S.-Israeli war against Iran began nearly eight months ago. The war has disrupted energy exports from the Persian Gulf region. Global oil prices stood at around $70 a barrel before the war. About 20% of global oil passed through the Strait of Hormuz before the fighting began. The strait lies between Iran and Oman and has become dangerous for commercial shipping since the fighting started. Maritime data company Kpler puts current oil flows through the strait at about 75% of prewar levels.

AAA put the average U.S. gasoline price on Thursday at $4.27 a gallon, a 43% increase since the war began. The average diesel price has risen 68% over the same period to $6.31 per gallon.