US, Iran Trade Airstrikes | Balance of Power 7/9/2026

Summary

The episode analyzed the second day of US-Iran military exchanges near the Strait of Hormuz, causing severe shipping disruptions and a pause in Qatari LNG plans. Markets saw a strong semiconductor rally driven by Micron's massive AI investment, while oil retreated despite supply risks. The show also covered the political fallout of a suspended Senate campaign in Maine and expert views on Iran conflict dynamics.

• U.S. and Iran exchanged new strikes with 90 targets hit by U.S. forces, and Iran striking U.S. bases in Kuwait and Bahrain.
• Shipping disruptions through Strait of Hormuz cut flows to about 8 million barrels per day; Qatar paused LNG expansion.
• Semiconductor stocks rallied sharply, led by Micron's $250 billion AI investment plan, pushing the SOX index up 4.8%.
• Oil prices fell over 2% despite supply concerns, with WTI retreating below $72.
• Political panel discussed the suspension of Graham Plattner's Senate campaign and the Democrats' scramble to pick a replacement.
• Emily Harding of CSIS said both sides are using violence to communicate and a return to ceasefire remains possible.
• Markets shifted focus to upcoming earnings and CPI, with risk appetite returning and VIX near 16.