Trump Says Iran Wants a Deal | Balance of Power: Early Edition 4/13/2026

Watch on YouTube ↗  |  April 13, 2026 at 19:33  |  44:15  |  Bloomberg Markets
Speakers
Rebecca Babin — Senior Energy Trader, CIBC Private Wealth
Heather Conley — Senior Fellow, CSIS
Rick Davis — Republican Strategist, Partner at Stonecourt Capital

Summary

The episode focuses on the U.S. blockade of the Strait of Hormuz, enacted after failed weekend talks with Iran. President Trump claims Iran called wanting a deal, but the core dispute over Iran's nuclear program remains. Analysts dissect the blockade's strategic implications, its potential to escalate, and the puzzling market reaction which sees equities higher and oil below $100. A market analyst argues the paper oil market is overly optimistic, ignoring severe physical tightness and long restart timelines for Middle East production.

  • U.S. Navy begins blockade of Strait of Hormuz to Iranian energy shipments.
  • President Trump states Iran called seeking a deal, but nuclear enrichment is a key sticking point.
  • Equity markets rise and oil (WTI) trades below $100 despite the blockade.
  • Geopolitical analysts view the blockade as a pause and a risky test of leverage.
  • Market analyst Rebecca Babin highlights a disconnect between paper and physical oil markets.
  • Physical oil benchmarks like Dated Brent are much higher, indicating severe tightness.
  • Restarting full Middle East oil production could take one to six months post-resolution.
  • Potential Houthi resumption of Red Sea attacks poses a major additional risk to oil flows.
Trade Ideas
Rebecca Babin Senior Energy Trader, CIBC Private Wealth 37:25
Oil paper price underestimates prolonged physical tightness.
The paper market for crude oil is selling off on hopes of a quick resolution to the Strait of Hormuz blockade, but the physical market is much tighter. A return to normal production and shipping flows will take months, not weeks, due to shut-ins across the Middle East, shipping rerouting, and confidence issues. Inventories and buffers are being used to fill a gap that cannot be quickly closed, suggesting current paper prices are disconnected from physical reality, which is trading at much higher levels (e.g., Dated Brent at $134).
BRN WTI HIGH
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This Bloomberg Markets video, published April 13, 2026, features Rebecca Babin discussing BRN, WTI. 1 trade idea extracted by AI with direction and confidence scoring.

Speakers: Rebecca Babin  · Tickers: BRN, WTI