European gas prices edged lower on Wednesday after sharp gains earlier in the week, as traders assessed disruptions to Qatari liquefied natural gas supplies. The benchmark Dutch contract fell to 53.27 euros per megawatt hour, retreating from a Tuesday peak of 65.79 euros, while British prices also declined.

Markets have been unsettled by the conflict involving the United States, Israel, and Iran, which has halted Qatari liquefied natural gas production and shipments through the Strait of Hormuz. Although the United States signaled it could escort tankers through the waterway, analysts cautioned that ongoing missile and drone threats may continue to hinder transport.

Shipments passing through the Strait of Hormuz are expected to represent about 17 percent of global supply in 2026, with a significant share destined for Europe. Analysts estimate that roughly half of those disrupted volumes would need immediate replacement from global spot markets or existing long term contracts, equal to about 30 percent of Europe’s projected imports.

The European Union said it sees no immediate risk to gas security and is not planning emergency measures. Gas storage across Europe was nearly 30 percent full, helped by mild weather, while carbon prices also declined.