UBS: Unlike previous oil shocks, this conflict poses little risk to supply, as Iran accounts for only 1.6% of global oil production and has not reported any supply disruptions.

The pan-European Stoxx 600 index rose 0.5% to hit an intraday high.

On June 16, sources said that the EU will not unilaterally reduce the price ceiling of Russian oil from $60 to $45, and this move is unlikely to be supported by the G7 group. The draft of the 18th round of EU sanctions against Russia includes a proposal to lower the Russian oil price ceiling. European Commission President Ursula von der Leyen has said that any decision to lower the Russian oil price ceiling must be made together with G7 partners and will be discussed at the upcoming G7 summit in Canada.

OPEC Monthly Report: OPEC expects oil supply outside OPEC+ to increase by 730,000 barrels per day in 2026, compared with a previous estimate of 800,000 barrels per day.

June 16, crude oil futures fell slightly in a volatile trading day as investors focused on the latest developments in the Israel-Iran conflict. Janiv Shah, vice president of commodity markets at Rystad Energy, said: "The conflict may de-escalate as diplomacy plays out, hostilities between Iran and Israel continue but remain contained, or the conflict reaches new levels as multiple countries get involved." "Lower prices do not mean that the market has digested the worst-case scenario of oil prices escalating." Market observers said that possible oil supply disruptions in the Strait of Hormuz remain a major market risk, but this is unlikely to happen at present.

Air India crash expected to result in $475 million in insurance claims

Artillery fire was heard over Tabriz, Iran.

Brazilian economists expect the SELIC rate to be 14.75% at the end of 2025, the same as previous forecast; and expect the SELIC rate to be 12.50% at the end of 2026, the same as previous estimate.

Italian Prime Minister Meroni holds talks with British Prime Minister Starmer.

U.S. Transportation Secretary: Boeing is on the right track and we will continue to analyze.

Airbus: Riyadh Air confirms order for 25 A350-1000 wide-body aircraft.

On June 16, according to Iranian media reports, the Iranian armed forces shot down another advanced US-made Israeli drone in the western province of Ilam, close to the Iraqi border. The drone was a General Atomics MQ-9 model. This is the fourth advanced Israeli drone shot down in the province. On Sunday, the commander of the Iranian border police said that the Iranian army shot down 44 Israeli drones and quadcopters along the border in the past 48 hours.

Kremlin: Putin told Turkish President Erdogan that Russia is abiding by the agreement reached with Ukraine in Istanbul.

Israeli military: After the outbreak of the Iran conflict, the elite 98th Division, which consists of paratroopers and commandos, was withdrawn from Khan Yunis and sent elsewhere. Currently, the IDF has four divisions operating in Gaza. Despite this, tens of thousands of troops are still operating in the Gaza Strip.

U.S. Treasury yields rebounded, with the 10-year yield remaining flat at 2.53%.

Both U.S. crude oil and Brent crude oil fell by $0.6 in the short term and are now trading at $71.97 per barrel and $72.40 per barrel respectively.

Iranian media: Parliament did not pass a resolution to withdraw from the Treaty on the Non-Proliferation of Nuclear Weapons today.

Russian Defense Ministry: Russia is ready to deliver another 2,239 bodies to Ukraine.