Redrawing of energy markets map set to heap benefits on US

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

- Jillian Ambrose

The Kremlin's full-scale 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.

Global oil and gas markets have wasted no time pricing in the impact of a peace deal between Ukraine and Russia, one of the world's biggest energy producers.

Christoph Halser, a senior analyst at Rystad Energy, said prices are already falling across Europe and Asia as traders contemplate "a swift come-back of Russia gas".

Although it would be politically unpalatable for those who argue that Europe's dependence on Russian gas enabled the Kremlin to weaponise its energy supplies, for many in Europe the opportunity to reverse the economic hardship triggered by its absence will be tempting.