I mean, you've answered the question. The limit is 100ml, and your container is 118ml. It is therefore, according to the rules, not allowed.
As a practical matter, I can't remember the last time anyone has paid that kind of close attention to my liquids, and there's a good chance nobody will notice or care, though this depends on the policies of whatever authority is checking your bags and the particular person you get on the day. If your item is larger than 100ml, you risk having it confiscated, which means you'll be out whatever it costs and won't have it at your destination. Whether or not that's a risk you want to take is up to you.