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
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