U.S. President Donald Trump expressed frustration on Thursday that oil prices have risen amid supply concerns from potential conflict in the Middle East. Both global and U.S. oil prices surged more than 4% on Wednesday to their highest levels since early April before easing a bit on Thursday.

For months, economists and retailers have claimed that the tariffs will spike prices, yet government measurements of inflation keep coming in cool. The job market looks good on the surface but there is trouble under the hood.

The U.S. oil benchmark hovered around $71 per barrel on June 16—about where it started the year—but up roughly 9% from a week prior. The current price tag is considered a relatively healthy value—profitable for most oil producers without creating particularly high fuel prices.

President Trump's trade policies keep grabbing the spotlight, along with the Israel-Iran conflict. Follow along for the latest updates on markets, including the Dow industrials, S&P 500 and Nasdaq Composite.

The run-up in crude futures paused on Monday, with prices falling more than 1% on signs that Iran wants to end hostilities with Israel and resume nuclear talks. U.S. crude oil lost $1.21, or 1.66%, to close at $71.

JPMorgan fears crude oil could hit a high of $130 a barrel, causing U.S. inflation to return to 5% in a worst-case scenario.

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Oil prices had jumped more than 4% on Wednesday as fears of a conflict that would disrupt crude supplies suddenly swept the market.

A sustained surge in oil prices is likely to complicate the U.S. fight against inflation. A $10-a-barrel increase would boost year-over-year growth in the Consumer Price Index by 0.5 percentage points,

A sustained rise in the price of crude oil, which jumped sharply after Israel attacked Iran, could hurt consumers and President Trump’s efforts to bring down energy costs.