Houthi Attacks Send Oil Prices Soaring Amid Regional Supply Concerns

Oil prices extended their gains on September 8 after Iran-backed Houthis launched drone and ballistic-missile attacks on southern Saudi Arabia, hitting energy and military sites. The attacks disrupted operations at some facilities, with 73 people injured and fires breaking out at several energy sites.

The Saudi-led coalition vowed a firm response, calling the attacks a 'dangerous escalation.' This development adds to concerns over regional supply disruptions.

On the economic data front, Germany's trade surplus widened sharply to €21.3 billion in July from €15.4 billion, but the improvement was driven mainly by a 5.7% slump in imports, while exports fell 0.8%. In contrast, France's trade deficit grew larger in July on higher imports.

The US CPI report on Friday will decide whether the Federal Reserve hikes interest rates at its upcoming meeting or keeps them steady for another month. The central bank is focused solely on inflation now.