Oil Market - Thailand's energy department states that existing oil reserves can meet 60 days of demand, with plans to increase domestic reserves if the situation worsens [1] - Ukrainian President Zelensky plans to discuss freezing Russian assets and setting price caps on oil during the G7 summit [1] - UBS notes that unlike previous oil crises, the current conflict poses minimal supply risks, with Iran accounting for only 1.6% of global oil production and no reported supply disruptions [1] - Fitch expects geopolitical risk premiums on oil prices due to the Israel-Iran conflict to be controlled within $5-10, with significant damage to Iran's production or export infrastructure potentially driving prices higher [1] - The UK Maritime Trade Operations reported a slight decrease in the number of vessels over 1,000 tons passing through the Strait of Hormuz, from 147 on June 9 to 111 on June 15 [1] Natural Gas Market - The Middle East crisis has led to a reduction in Israeli natural gas supply, prompting Egypt to urgently seek fuel supplies [2] - Iranian air defense successfully intercepted an attack on the South Pars gas field, according to Iranian media [2] - Goldman Sachs continues to expect an oversupply of liquefied natural gas in the market, predicting that natural gas storage levels in Northwest Europe will approach capacity limits by summer 2027 [2] Other Developments - A major oil pipeline in Ecuador has ruptured, halting crude oil transportation [3] - Three vessels or tankers are reported to be on fire in the Gulf of Oman near the Strait of Hormuz [3] - OPEC believes that the growth of competitor supplies is slowing, maintaining a stable demand outlook [3] - The U.S. Environmental Protection Agency is directing some staff to cease regulatory oversight of the oil and gas industry [3]