European gas prices remained near their highest level since the end of 2022, and low inventories compounded the continued contraction of supply in the Middle East, increasing the region's risk exposure at the beginning of winter. Benchmark futures hovered around €88/MWh after rising for two consecutive days. Traders are focusing on the risk that Iran may further attack oil tankers in the Strait of Hormuz. Iran claims that it “has no choice” with regard to this key waterway; it must maintain control, but it can guarantee safe passage for friendly countries.

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