Saudi authorities said operations at some energy facilities have been attacked by Yemen’s Iran-aligned Houthis
Germany has been hit by a surprise drop in exports, knocking hopes that its economy was rebounding.
German exports fell by 0.8% in July compared with the previous month, data from the federal statistics office showed this morning.
Oil has now risen for a third consecutive session, and the market is increasingly questioning whether higher energy costs could feed into transportation, manufacturing and consumer inflation.
That matters for both U.S. and European equities because more expensive oil can squeeze corporate margins while simultaneously forcing central banks to keep monetary policy restrictive. Energy companies may benefit from higher crude prices, but airlines, industrial companies, retailers and other fuel-sensitive businesses face a less favourable cost environment.
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