OSLO: Dutch and British gas prices were ‌slightly lower on Wednesday morning, after soaring earlier this week, but could remain volatile as the market tries to gauge how long Qatari supply of liquefied natural ​gas (LNG) will remain disrupted.

The benchmark Dutch front-month contract at the TTF hub was down €1.02 at €53.27 per megawatt hour  by 10:18 a.m. GMT, data from the Intercontinental Exchange showed.

It hit an intraday day high of €65.79/MWh, its highest level since January 2023 on Tuesday but fell by €10 again by the end of the day.

The British April contract was down 3.92 pence at 137.07 pence ‌per therm, ICE ‌data showed.

The gas market has been ​jolted ‌by ⁠the US-Israeli ​war ⁠on Iran and retaliatory attacks across the Middle East, halting Qatari LNG production and shipping through the Strait of Hormuz. The US Navy could begin escorting tankers through the Strait of Hormuz if necessary, President Donald Trump said on Tuesday, but analysts questioned whether this really could revive energy transports that have ground to a halt.

“As long as Iran is able ⁠to launch missiles and drones over the water, we doubt ‌that this will materially improve ‌the situation,” said Arne Lohmann Rasmussen, chief analyst ​at Global Risk Management.

Outbound LNG volumes through ‌the Strait of Hormuz are expected to account for around 17 percent ‌of global supply in 2026, or roughly 337 million cubic meters per day, said Ross Wyeno, head of LNG short-term analysis at S&P Global Energy.

“Of those volumes, we estimate that around 170 mcm/day will be delivered to buyers that ‌will need to immediately source replacement cargoes from the global spot markets or existing long-term contracts,” he added.

This ⁠is around ⁠30 percent of expected European imports in 2026, Wyeno added for comparison.

The EU has told its member countries it does not see any immediate effect from the conflict in Iran on the security of natural gas supply, and is not currently planning response measures at national or EU level.

Meanwhile, the Russian-flagged liquefied natural gas tanker Arctic Metagaz, sanctioned by the US and Britain, caught on fire in the Mediterranean, with Russian on Wednesday blaming the incident on a Ukrainian attack.

EU gas storage sites were last 29.9 percent full, with depletion having slowed as ​milder weather limited demand, Gas Infrastructure ​Europe data showed.

In the European carbon market, the benchmark contract was down €1.13 at €72.20 a tonne.