Oil Climbs as Trump Threatens Iran Strikes, Blockade | Bloomberg Businessweek Daily 7/8/2026

Summary

The episode covers Fed minutes from Kevin Warsh's first meeting showing hawkish tilt with some officials considering rate hikes despite holding steady. Oil surges over 5% on renewed US-Iran tensions and threat of Strait of Hormuz blockade. Wolfe Research economist discusses sticky AI-driven inflation, Fed family fight dynamics, and resilient upper-end consumers. Clear Street analysts initiate a buy rating on SpaceX with a $217 target, highlighting AI and Starlink earnings power. The US exits the World Cup, and soccer's growth in America is debated.

• Fed minutes show a few officials saw case for rate hike, but kept rates on hold; inflation risks from tariffs, supply chain, and AI were highlighted.
• Iran conflict escalates: US revokes oil waiver, launches fresh strikes; oil prices jump over 5%, with Brent near $80 and WTI above $73.
• Stephanie Roth notes AI is boosting core inflation by 30–40 bps, but BLS revisions will halve the impact later this year.
• Roth sees oil spike as temporary, unlikely to sustain $100, with no long-lasting war base case.
• Clear Street's Brian Dobson and Greg Pendy issue a buy rating and $217 target on SpaceX, driven by AI division and Starlink connectivity.
• TerraWolf (WULF) rises on Morgan Stanley target raise tied to AI data center lease deal with Anthropic.
• Consumer spending remains resilient despite higher gas prices, driven by middle- and upper-income households.
• US eliminated from World Cup; questions raised about youth soccer affordability and future growth of the sport.