Oil Surges Past $100 as Bitcoin Tumbles Below $78,000

Oil prices surged above $100 a barrel on Thursday due to escalating attacks on shipping near the Strait of Hormuz and higher US producer-price data, which increased expectations for a Federal Reserve rate hike.

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.

China's oil demand is another factor for traders, as the world's largest crude importer has increased purchases in recent weeks after months of subdued demand, according to ING analysts.