Resource stocks were on a roll in Asia on Thursday as oil prices hit heights not seen since late 2014 and ignited a rally across commodities, though the potential boost to inflation globally also put some pressure on fixed-income assets.

Brent crude futures climbed another 37 cents to stand at USD 73.85 a barrel, adding to a 2.7 percent jump overnight. US crude gained 26 cents to USD 68.73.

The surge came on a Reuters report that OPEC's new price hawk Saudi Arabia would be happy for crude to rise to USD 80 or even USD 100, a sign Riyadh will seek no changes to a supply-cutting deal even though the agreement's original target is within sight.

"The Saudis and their colleagues in OPEC need higher oil for their fiscal positions and the Kingdom is on a bold and costly reform program," said Greg McKenna, chief market strategist at CFD and FX provider AxiTrader.

The leap in oil combined with fears that sanctions on Russia could hit supplies of other commodities to light a fire under the entire sector. Aluminium prices reached their highest since 2011, alumina touched an all-time peak and nickel jumped the most in 6-1/2 years.

Resource stocks were the big winners, driving Chinese blue chips up 1.1 percent. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.9 percent, with energy up over 2.6 percent.

Japan's Nikkei faded late in the day to end up 0.15 percent, but basic materials and utilities both climbed more than 2 percent.

The bullish sentiment in markets comes amid wider optimism about economic growth. The global economy is expected to expand this year at its fastest pace since 2010, the latest Reuters polls of over 500 economists worldwide suggest, but trade protectionism could quickly slow it down.

Investors were also relieved that no new US demands on trade came out of a summit between Japanese Prime Minister Shinzo Abe and US President Donald Trump.

Wall Street had also seen hefty gains in the energy and industrial indexes, though that was offset by softness in sectors such as consumer staples and financials.

IBM's 7.5 percent drop was the biggest drag on the S&P after the technology company's quarterly profit margins missed Wall Street targets.

In currency markets, the US dollar remained range bound with its index a fraction firmer at 89.669. It gained a touch on the yen to 107.46 yen, but stayed short of recent peaks at 107.78.