Saudi visible crude exports fell in August to about 3.0 mln b/d, the lowest since at least 2017, according to tanker-tracking data compiled by Vortexa and Kpler. The decline follows attacks by Yemen’s Houthi militants on Saudi vessels in the Red Sea, threatening the route Riyadh uses to avoid the Strait of Hormuz. Some customers are refusing to use Saudi Red Sea ports, forcing Riyadh to reroute shipments around southern Africa, adding thousands of miles and further disrupting global supply chain

Saudi Tadawul will be closed on Sept. 23 for a public holiday.

Precious metals led gains as inflation concerns and fears of financial repression boosted safe-haven demand: gold +9.7% in August to $4,437/oz, silver +15.6% to $66.58/oz. Agricultural commodities rallied on a still-closed Strait of Hormuz and lingering El Niño supply pressure: wheat +18.3%, corn +16.8%, sugar +21.5%. Oil and gas: Brent +0.4% to $90.49/bbl, WTI +1.3% to $85.76/bbl; European gas futures +18.2%, US natural gas futures +6.8%. Equities rose on strong global data and corporate results: S&P 500 +2.7%, STOXX Europe 600 +0.5%, MSCI Emerging Markets +3.4%. Source: Deutsche Bank monthly review.