Trump Wants Hormuz Deal Immediately | Balance of Power: Early Edition 8/4/2026

On the early edition of Balance of Power, Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz discuss the latest from the Middle East. On today's show, American Petroleum Institute President Mike Sommers, Stonecourt Capital Partner Rick Davis, Harvard Kennedy School Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino and Brookings Institution Vice President Suzanne Maloney. Chapters 00:00:00 Balance of Power: Early Edition  00:00:59 Stocks Surge as Oil Falls Below $80 00:02:12 Market Update: Dow & S&P Hit Record Highs 00:04:31 Trump's "Last Chance" Warning to Iran 00:06:18 Are the U.S. and Iran Actually Near a Deal? 00:09:55 Trump Criticizes Big Oil Profits 00:11:01 API President Defends the Oil Industry 00:13:48 Could the U.S. Ban Oil Exports? 00:15:14 Why America Needs More Refineries 00:18:55 Market Update: Record Rally Continues 00:21:54 Michigan Democratic Senate Primary Preview 00:23:20 Political Panel on the Future of the Democratic Party 00:30:29 Economy Polls & Midterm Implications 00:32:37 Market Update: Palantir, AMD & Tech Rally 00:35:00 SpaceX & AMD Earnings Preview 00:39:34 Brookings on Iran Negotiations 00:40:57 U.S. Weapons Stockpiles & Military Readiness 00:44:14 Iran's Leverage in the Strait of Hormuz 00:47:08 Outlook for the Iran Conflict -------- More on Bloomberg Television and Markets Like this video? Subscribe and turn on notifications so you don't miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9 Visit http://www.bloomberg.com for business news & analysis, up-to-the-minute market data, features, profiles and more. Connect with Bloomberg Television on: X: https://twitter.com/BloombergTV Facebook: https://www.facebook.com/BloombergTelevision Instagram: https://www.instagram.com/bloombergtv/ Connect with Bloomberg Business on: X: https://twitter.com/business Facebook: https://www.facebook.com/bloombergbusiness Instagram: https://www.instagram.com/bloombergbusiness/ TikTok: https://www.tiktok.com/@bloombergbusiness?lang=en Reddit: https://www.reddit.com/r/bloomberg/ LinkedIn: https://www.linkedin.com/company/bloomberg-news/ More from Bloomberg: Bloomberg Radio: https://twitter.com/BloombergRadio Bloomberg Surveillance: https://twitter.com/bsurveillance Bloomberg Politics: https://twitter.com/bpolitics Bloomberg Originals: https://twitter.com/bbgoriginals Watch more on YouTube: Bloomberg Technology: https://www.youtube.com/@BloombergTechnology Bloomberg Originals: https://www.youtube.com/@business Bloomberg Quicktake: https://www.youtube.com/@BloombergQuicktake Bloomberg Espanol: https://www.youtube.com/@bloomberg_espanol Bloomberg Podcasts: https://www.youtube.com/@BloombergPodcasts