[Middle East supply risks intensify and European natural gas prices rise for the third consecutive day] On September 2, the conflict between the United States and Iran resumed, and expectations for the short-term resumption of energy transportation in the Strait of Hormuz cooled. European natural gas prices rose for the third consecutive day. Benchmark futures rose as much as 4.3% on Wednesday, before giving back part of their gains, with prices still close to intraday highs since January 2023. European natural gas inventories are currently only 65%, the lowest level since records began in 2009; the region needs to attract more LNG cargoes to replenish inventories before winter.