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Natural gas and electricity prices tumbled on Wednesday as European leaders and the US played down the importance of a missile attack on a Polish village.

But traders remain alert to any signs of an escalation in the war in Ukraine, as well as risks to European energy infrastructure. A key oil pipeline to Europe, known as Druzhba, was halted on Tuesday after its power source was reportedly disabled in a strike on Ukrainian territory. Hungary and Slovakia expect the pipeline to return to service soon, although the pipeline operator said there would be no restart on Wednesday.

From a technical point of view, we have a news impulse, which is likely to continue to develop into the third and fifth waves of rising prices:

Oil prices rose after reports of an attack on a tanker off the coast of Oman. As for gas markets, mild weather, filled storage facilities and new details arising from the EU's proposed gas price cap are holding prices back.

Key points:

Polish strike panic wanes as allies question missile's origins

Hungary says Druzhba oil pipeline may restart soon