Oil Tops $100 as Escalating Conflict Weighs on Gold and Bitcoin

Oil prices surged above $100 a barrel on Thursday as escalating attacks on shipping near the Strait of Hormuz raised concerns over further supply disruptions.

The US producer-price data also showed final-demand prices rose 0.4% in August, following an upwardly revised 0.1% gain in July.

This increase in inflation expectations weighed heavily on gold and Bitcoin, with spot gold declining 1.8% to $4,320 an ounce and Bitcoin falling below $78,000 for the fourth consecutive session.

The cryptocurrency is now about 39% below its October 2025 high of $126,000 and remains within the $60,000-$80,000 range that has dominated trading since February.