US, Iran Reach Hormuz Deal | Balance of Power 6/15/2026
Speakers
Bob McNally
— President and Founder, Rapidan Energy Group
Charlie Pellett
— Anchor/Reporter, Bloomberg
Evelyn Farkas
— Executive Director, McCain Institute
Summary
Bloomberg discusses the US-Iran interim deal to reopen the Strait of Hormuz, driving a stock market rally and oil selloff. Energy expert Bob McNally warns oil prices may spike back above $100/bbl as low inventories and pent-up Asian demand outweigh the reopening. Political analysts examine the domestic and G7 dynamics.
- US and Iran reach memorandum of understanding for 60-day ceasefire, Hormuz reopening by Friday.
- Stock markets surge, S&P 500 up ~1.9%, Nasdaq up ~3%, oil drops over 5%.
- Bob McNally of Rapidan Energy sees a near-term bottom in oil, expects Brent to retake $100 in summer due to deep stock draws and demand.
- Geopolitical talks include Israel's continued strikes in Lebanon, Trump's focus shifting to Ukraine at G7.
- Anthropic's AI model hit by US export controls due to jailbreak concerns.
- Congress awaits text of Iran deal; Senator Graham emphasizes role of VP Vance.
- Strategists at G7 see opportunity for US to ask European allies for Hormuz security support.
Ideas
Brent to retake $100 in summer.
Despite the Hormuz reopening, oil markets are near a bottom and prices are likely to rise. Pent-up demand from Asia, deep inventory draws (11-year seasonal lows in gasoline, 29-year in distillate, 43-year SPR low), strong summer demand, and the need to refill strategic reserves will keep the market very tight. Brent could push back above $100/bbl in July and August.
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Speakers: Bob McNally · Tickers: BNO