NATO Tries to Keep Trump Onside | Balance of Power 7/7/2026

Summary

Joe Mathieu and Kailey Leinz host a packed edition of Balance of Power covering the NATO summit in Ankara, where $50 billion in new defense deals lean European, President Trump signals possible F-35 reinstatement for Turkey, and crude oil surges after three ships are attacked near the Strait of Hormuz. Tom Kloza argues that US refiners and diesel are the real energy winners as Russian refinery damage tightens global product supply. The panel also discusses a sexual assault allegation derailing the Democratic Senate campaign in Maine, and a tech selloff sparked by weak Samsung earnings hits memory chip names.

• NATO summit begins with $50 billion in defense deals, more contracts going to European manufacturers including Saab replacing Boeing.
• President Trump signals willingness to consider letting Turkey back into the F-35 program.
• Three ships attacked in the Strait of Hormuz, including a Qatari LNG tanker, pushing WTI crude over $70.
• Tom Kloza, Gulf Oil chief energy advisor, says Russian refinery losses from Ukrainian drone strikes will keep diesel and refining margins exceptionally high.
• A major semiconductor selloff hits memory names after Samsung's earnings disappoint.
• Graham Platner's U.S. Senate campaign in Maine potentially collapses after new sexual assault allegations and endorsements pulled.
• Broad market lower: S&P 500, Nasdaq decline, SOX semiconductor index down over 4%.