The prospects of peace and the return of Russian gas looks likely to serve the interests of Donald Trump

The Kremlin’s invasion of Ukraine three years ago has reverberated through the global energy industry; unravelling Europe’s decades-long reliance on gas imported via pipelines from Russia, and triggering a global squeeze on gas markets that unleashed a cost of living crisis still felt today.

The prospect of a peace deal has many wondering whether the energy industry could be upended once again; this time giving way to a market serving the interests of the US president hoping to broker the deal.