Oil Prices Soar Above $100 as Bitcoin Falls Below $78,000

Oil prices surged above $100 a barrel on Thursday due to escalating attacks on shipping near the Strait of Hormuz, which raised concerns over further supply disruptions. The US producer-price data also increased expectations for a Federal Reserve rate hike, weighing on gold and Bitcoin.

Brent crude futures rose 5.9% to $107.18 a barrel, while US West Texas Intermediate crude gained 6.25% to $102.05. Both benchmarks have risen more than 30% from lows reached in early August.

Simon-Peter Massabni, head of business development at XS.com, said that the market risk has broadened beyond the Strait of Hormuz due to attacks from Yemen on Saudi energy facilities.

The US producer-price data showed final-demand prices rose 0.4% in August, following an upwardly revised 0.1% gain in July. On a 12-month basis, producer prices increased 5.4%, up from 4.8% in July.