Global Roundup: Power Demand Surges, Iran Blockade Pressures Prices

CenterPoint Energy Inc. announced plans to energize 8 gigawatts (GW) of generation projects catered to data centers by 2029, according to Rigzone. The Houston-based utility said 3.5 GW of that planned capacity are already under construction. In its quarterly report, CenterPoint reported it has 12.2 GW of firmly committed industrial load in Greater Houston.

The company expects a nearly 50 percent increase in peak demand to over 30 GW in its Houston Electric territory by 2029 compared to 2024, Rigzone reported. CenterPoint president and CEO Jason Wells said the growth projects delivering customer savings of approximately $4 billion over the next decade. On February 19, 2026, the company announced a $500-million increase in its 10-year investment plan, which now totals $65.5 billion.

For Q1 2026, CenterPoint reported a GAAP net profit of $316 million, or $0.48 per diluted share, up from $0.45 per share in Q1 2025, according to its earnings release.

Meanwhile, geopolitical tensions continue to influence global oil markets. Iran is continuing to load millions of barrels of oil onto supertankers despite a U.S. blockade, Rigzone reported. Satellite images from Monday showed one very large crude carrier moored at Kharg Island and 13 ships, mostly VLCCs, anchored nearby.

The U.S. said its maritime barrier in the Sea of Oman has stopped almost three dozen Iranian vessels from passing, according to the report. U.S. forces also boarded a sanctioned tanker called Majestic X carrying Iranian oil in the Indian Ocean this week. Iran has been the only major oil exporter out of the Persian Gulf since the war in the Middle East started in late February, after Tehran effectively closed off the Strait of Hormuz to other traffic.

Analysts note the blockade could force production cuts. JPMorgan Chase & Co. analysts wrote that the move "would constrain volumes mechanically, not just financially," eventually forcing Iran to curtail production. However, FGE NexantECA said Iran has 90 million barrels of available storage and could maintain production at about 3.5 million barrels a day for another two months even if exports halt.

Oil prices fell on Friday on renewed hopes for peace talks, Rigzone reported. West Texas Intermediate futures fell 1.5% to settle above $94 a barrel. The White House said it was sending two envoys to Pakistan with the intention of talking with Iranian officials. Traders have been closely tracking signals on whether talks will offer relief as the Strait of Hormuz remains largely shut.

Conflicting messaging means WTI futures are still up 13% for the week, the biggest jump since the initial surge triggered by the war in early March. Goldman Sachs Group Inc. analysts said crude oil production in the Persian Gulf will take "a few months" to mostly restore, assuming a full reopening of Hormuz, with output curtailed by about 14.5 million barrels a day in April.