Brent touched $119 this week before pulling back to $109 after Netanyahu claimed Israel was helping reopen the Strait of Hormuz. The intraday swings have been violent and the geopolitical risk premium is running somewhere around $40/barrel above fundamentals.
The Strait of Hormuz is effectively closed, and Iran's use of drones and other low-cost forms of military power suggest that reopening the Strait may prove more challenging than expected. If this last statement is at odds with what your news sources have been telling you, look at this chart. This is actively disrupting supply chains and has serious risks of surprise inflation impacts that would throw a serious wrench in the easy money plans this administration has for the rest of the year.