Bitcoin pared some losses on Thursday to trade flat, as risk sentiment remained under pressure from a combination of spiking oil prices, soaring Treasury yields, and elevated Federal Reserve rate hike expectations. 

Broader cryptocurrency prices also pulled back from declines, and were largely sitting on weekly gains on the back of a rally on Monday.

Bitcoin was unchanged at $84,420.2 by 17:53 ET (21:53 GMT). The world’s largest crypto was still sitting on strong gains so far in September, as investors welcomed more regulatory favor from the U.S. government.

The U.S. dollar on Thursday rose for a fourth straight session and remained pinned at a nearly two-month, as a fresh surge in oil prices boosted inflationary concerns and a rout in the bond market showed no signs of letting up. 

At 16:57 ET (20:57 GMT), the U.S. dollar index, which tracks the greenback against a basket of six major peers, was up 0.2% to 101.26, its highest level since July 28. 

Oil prices on Thursday ate into their surge after a media report that the U.S. and Iran were discussing a phased deal that would reopen the Strait of Hormuz and lift an economic blockade on Tehran. 

Crude had jumped earlier, extending gains from the previous session, amid a dent to hopes for diplomatic progress between Washington and Tehran. 

At 12:29 ET (16:29 GMT), Brent crude futures expiring in November, the global benchmark, gained 1.8% to $104.95 a barrel, while U.S. West Texas Intermediate crude futures expiring in November added 2% to $94.01 a barrel. 

NEW YORK, Sept 24 (Reuters) - Oil prices jumped about 4% to a one-week high on Thursday after Yemen’s Iran-backed Houthis fired missiles at Saudi Arabia and diplomatic talks between the US and Iran showed little sign of progress.

Brent futures rose $4.10, or 4.0%, to $107.18 a barrel at 11:09 a.m. EDT (1509 GMT), while US West Texas Intermediate crude rose $3.66, or 4.0%, to $95.82.

After climbing about 8% over the past two days, Brent futures were on track to close at their highest since September 15. WTI was on track to rise for the first time in seven days after falling about 13% over the prior six days.