Bitcoin Tumbles Below $80k as Oil Surges to $100 Barrel

Bitcoin's price has dropped below $80,000 as oil prices surge towards $100 a barrel following a disruption to Saudi energy facilities. The new energy shock could complicate the inflation outlook, even if Friday's US consumer-price report brings encouraging news.

The price of Bitcoin stood at around $78,300 at press time, down 1.52% over 24 hours, but still up 20% over the past 30 days. The latest energy disruption added uncertainty to the market.

According to Reuters, operations at some Saudi energy facilities halted on Tuesday following attacks by Yemen's Houthi movement, citing Saudi authorities. Brent crude futures touched $99.46 a barrel before trading at $98.63 around press time. Spot Brent price reached $101 intraday before European trading began.

The Bureau of Labor Statistics will release the August Consumer Price Index on September 11, which measures prices from last month and cannot reflect the recent disruption. This creates a gap between the inflation data arriving before the Federal Reserve's meeting on September 15-16 and the energy risk developing now.