Oil Gains as Trump Signals Iran Deal On 'Life Support' | Bloomberg Businessweek Daily 5/11/2026

Watch on YouTube ↗  |  May 11, 2026 at 22:38  |  48:53  |  Bloomberg Markets
Speakers
Devika Krishna Kumar — Bloomberg News team leader for Oil Trading Americas
Hardika Singh — Economic Strategist, Fundstrat
Carol Massar — Anchor, Bloomberg
Jeff Kip — CEO, Angi
Alex Seanova — Bloomberg News equities reporter

Summary

Oil prices surge as Trump declares the US-Iran ceasefire on life support, keeping the Strait of Hormuz closed and threatening prolonged energy disruption. US stocks continue to hit records, led by semiconductor and AI-related gains, with Fundstrat's Hardika Singh seeing sustainable momentum in memory stocks and a potential S&P 500 target above 8,000. The show also covers President Trump's upcoming China summit and Angi's radical pivot to an AI-first platform.

  • Oil climbs above $100/bbl as Iran ceasefire falters and Strait of Hormuz remains blocked
  • Devika Krishna Kumar expects elevated oil prices for an extended period due to lost supply
  • S&P 500 and NASDAQ hit record highs despite geopolitical risks and narrow market breadth
  • Hardika Singh is bullish on memory stocks (Micron) driven by AI demand and supply shortage
  • Fundstrat strategist hints at raising S&P 500 year-end target above 8,000
  • Trump prepares to meet Xi in Beijing with a delegation of top US CEOs
  • Angi announces major AI pivot, rebuilding platform with AI-first coding and agent tools
  • Cerebrus Systems ups IPO size to $4.8 billion amid strong AI infrastructure demand
Trade Ideas
Devika Krishna Kumar Bloomberg News team leader for Oil Trading Americas 9:28
Oil prices will stay elevated long
Even if the Strait of Hormuz reopens soon, it will take months to replenish the billion barrels of oil lost during the closure, keeping oil prices elevated for a long period. The market faces a structural supply deficit that cannot be quickly resolved.
BNO WTI HIGH
Hardika Singh Economic Strategist, Fundstrat 12:41
Memory stocks rally sustainable; demand exceeds supply
The rally in memory stocks, particularly Micron, is sustainable because demand for memory continues to outpace supply throughout the year. The AI bull cycle remains intact, and the shortage of memory chips supports further upside.
MU HIGH
Hardika Singh Economic Strategist, Fundstrat 18:01
S&P 500 could reach 8000
If stocks can push past near-term headwinds such as the Fed and elevated oil prices, the S&P 500 year-end target could be raised above 8,000, given strong earnings and AI-driven momentum.
SPY MED
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This Bloomberg Markets video, published May 11, 2026, features Devika Krishna Kumar, Hardika Singh discussing BNO, WTI, MU, SPY. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Devika Krishna Kumar, Hardika Singh  · Tickers: BNO, WTI, MU, SPY