US, Iran Trade Strikes as DC Mourns Graham | Balance of Power 7/13/2026

Summary

This episode of Balance of Power covers escalating US-Iran tensions as President Trump reinstates a naval blockade on Iranian vessels and announces a 20% fee for other cargo transiting the Strait of Hormuz. Oil prices surge over 7%, equities slide, and semiconductor stocks sell off sharply. The program also discusses the sudden death of Senator Lindsey Graham, its impact on defense and foreign policy, and the political challenges facing Congress, including a potential government shutdown.

• President Trump reinstates Iran blockade and announces 20% reimbursement fee on Strait of Hormuz transits.
• WTI crude oil jumps more than 7% to above $76 per barrel; Brent breaks above $81.
• US equities fall, with the S&P 500 down 0.7%, Nasdaq down 1.5%, and semiconductors (SOX) down 4.9%.
• Gold drops below $4,000 an ounce, down 3%.
• Senator Lindsey Graham, a leading foreign policy hawk, dies suddenly, creating a vacancy with implications for defense budget and Iran policy.
• House floor remains paralyzed as a single congresswoman blocks the Safe America Act, raising shutdown risks.
• Guests analyze the sustainability of the Strait of Hormuz mission and the future of Republican foreign policy without Graham.