U.S., Iran close to ending war? Iran war's impact on the midterms

Watch on YouTube ↗  |  May 08, 2026 at 11:52  |  10:47  |  CNBC

Summary

Former Senator Heidi Heitkamp and former White House chief of staff Mick Mulvaney discuss the Iran war, its impact on gas prices and the midterm elections. They analyze the conditions for ending the conflict, structural damage to energy supply, and the political implications of sustained high fuel costs. The conversation also touches on the feud between New York Mayor Zohran Mamdani and billionaire Ken Griffin, with commentary on inequality and class tensions.

  • Heitkamp and Mulvaney assess the likelihood of the Iran war ending soon.
  • Mulvaney argues the Strait of Hormuz must be reopened before any withdrawal.
  • Both guests note that gas prices will not drop quickly due to structural damage to production.
  • High gas prices are seen as a political liability for the incumbent party in the midterms.
  • Heitkamp flags the $40 trillion national debt as a long-term market wild card.
  • The discussion shifts to the political fight between Mayor Mamdani and Ken Griffin.
  • Mulvaney sarcastically frames Mamdani's policies as a test of communism.
  • Heitkamp defends pragmatic state ownership but opposes broad socialist experiments.
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