Russia’s Novak: There are enough commercial stockpiles to make up the shortfall from Saudi

Dhwani Mehta FXStreet

Responding to the Saudi Arabian oil facility attack on Saturday, the Russian Energy Minister Alexander Novak said that there are enough commercial stockpiles to make up the shortfall from Saudi Arabia.

There is no immediate need to call an extraordinary OPEC and non-OPEC meeting, he added.

The attack shut in the equivalent of 5% of global supply. The state-owned producer Saudi Aramco’s processing facilities at Abqaiq and Khurais has cut output by 5.7 million barrels per day. The company has not given a timeline for the resumption of full output.

Both crude benchmarks remain heavily bid around 10% higher on the day, despite reversing half the early 20% rally.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

GBP/USD remains below 1.3400 as USD recovers

GBP/USD stalls its rebound and stays below 1.3400 in the European trading hours on Thursday. The pair's upside remains capped by a modest US Dollar bounce and cooler-than-expected UK inflation data amid escalating Middle East tensions.

EUR/USD steadies above 1.1400 ahead of ECB policy decision

EUR/USD holds its upbeat momentum for the second consecutive day, above 1.1400, in the European session on Thursday. The pair stays supported ahead of the European Central Bank's interest rate decision, with any hints on further rate hikes to be closely eyed.

Gold holds losses near $4,100 on surging Oil-led inflation fears

Gold holds the pullback near the $4,100 round figure in Thursday's European session. US crude oil prices climb to a fresh six-week high toward $90 amid a further escalation of tensions between the US and Iran, fueling inflation fears and bolstering US Fed interest rate hike expectations. Hawkish Fed bets weigh negatively on the yieldless bullion.

Hyperliquid, Robinhood could lead crypto’s next bull market as DeFi and TradFi converge

The next crypto bull market could be driven by the growing convergence between blockchain-based financial infrastructure and traditional finance, according to Bitwise CIO Matt Hougan. In a report published late Tuesday, Hougan argued that crypto may be showing early signs of a market bottom, with Bitcoin gaining 9% since July 1 even as the NASDAQ 100 declined 6%.

Bitcoin falls as surging Oil prices revive inflation concerns

Bitcoin extends its correction, trading below $65,800 after a modest decline in the previous day. Despite BTC’s fading strength, US-listed spot Bitcoin Exchange Traded Funds continued to attract institutional inflows on Wednesday, marking the seventh consecutive day of gains.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.