JPM | US Energy: Oil Spikes As Disruptions Broaden, Iran Refutes Negotiations, Positioning In Energy Futures Rises, Russia Unwilling to Return Territories, Data Centers to Be 20% of Power, Utilities Join Pledge on Bill Increases, GEV First Take

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JPM | US Energy: Oil Spikes As Disruptions Broaden, Iran Refutes Negotiations, Positioning In Energy Futures Rises, Russia Unwilling to Return Territories, Data Centers to Be 20% of Power, Utilities Join Pledge on Bill Increases, GEV First Take

Brendan Henrici - Specialist Sales - US Energy AC North America Specialist Sales J P M O R G A Nbrendan.henrici@jpmorgan.com

J.P. Morgan Securities LLC 22 July 2026

JPM | US Energy: Oil Spikes As Disruptions Broaden, Iran Refutes Nego-

tations, Positioning In Enegry Futures Rises, Russia Unwilling to Return

Territories, Data Centers to Be 20% of Power, Utilites Join Pledge on Bill

Increases, GEV First Take

Brendan Henrici

+1 212 622 2729

brendan.henrici@jpmorgan.com

Key Highlights Today:

• Oil Spikes As Disruptions Broaden

• Iran Says Negotiations Not Happening

• Positioning In Energy, Products Begins to Rise

• Russia Unwilling to Return Territories

• Data Centers to Be 20% of Power by 2035

• Utilities Join Trump's Pledge to Limit Bill Increases

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