ROI-Energy Watch: There's no U.S. in Gulf

• For years, the energy transition narrative has pointed toward a future dominated by renewables and batteries, with natural gas eventually fading into the background. Yet the evolution of the U.S. power system suggests a more complicated reality, writes ROI Energy Transition Columnist Gavin Maguire.
• I enjoyed this sobering column from ROI contributor Joachim Klement of Panmure Liberum who wrote that tech giants' frenzied AI push could run up against some uncomfortable data center economics, popping today's U.S. earnings bubble and generating significant losses for investors.

Energy markets remain fixated on diplomacy in the Middle East, where a nascent agreement between Iran and Oman over transit through the Strait of Hormuz could provide the foundation for a broader settlement to the Iran war, now well into its fifth month.