Brent crude oil prices shot up as the US and Israeli war against Iran disrupted oil supplies in the Middle East. CNN’s Word of the Week asks: How did the benchmark barrel of oil get the name “Brent”?

Soybeans made new highs for the move during the session. Mark Schultz with Northstar Commodity says it was partly due to the rally in crude oil and soybean oil. However, there were also some other factors that boosted prices.

Crude oil prices eased slightly on Thursday morning after briefly climbing above $100 overnight, as Iran moves to strengthen its hold over the Strait of Hormuz in an attempt to ramp up economic pain amid the ongoing war.

As crude oil prices rise, risk assets are starting to weaken. Bitcoin (BTC-USD) and the S&P 500 are showing pressure amid the Iran war conflict and increasing inflation concerns, while energy markets continue to gain strength.

The price of a barrel of Brent crude oil briefly topped $100 a barrel early Thursday, just days after it spiked near $120 in the latest jolts to financial markets and the global economy as a whole. Oil prices initially shot more than 9% higher as supply concerns worsened with Iranian attacks on commercial shipping around the Strait of Hormuz.

Serbia's Russian-owned NIS oil company has sought another sanctions waiver from the U.S. to allow crude imports while it ​awaits the completion of a sale to Hungary's MOL , the ‌company said on Thursday.