Oil Tops $100 as Fed Rate Hike Bets Soar Amid Shipping Disruptions

Oil prices surged above $100 per barrel on Thursday as attacks on shipping near the Strait of Hormuz escalated, raising concerns over supply disruptions.

The increase in oil prices comes amid hotter US producer-price data, which increased expectations for a Federal Reserve rate hike. This has weighed on gold and Bitcoin, with spot gold falling 1.8% to $4,320 an ounce.

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.