Trump Wants Hormuz Deal Immediately | Balance of Power: Early Edition 8/4/2026

Summary

Markets rally on renewed hopes for a US-Iran deal on the Strait of Hormuz, with oil falling and stocks hitting records. API President Mike Sommers defends the oil industry against Trump's criticism and highlights refining bottlenecks. A political panel analyzes the Michigan Democratic primary as a test of the party's direction. Ed Ludlow previews AMD and SpaceX earnings, noting AMD's CPU advantage in AI data centers. Suzanne Maloney expects continued geopolitical volatility in the Gulf.

• Stocks surge and oil drops below $80 on optimism over a potential US-Iran Hormuz deal.
• API President Mike Sommers says the oil industry is a price taker and refining capacity is the real bottleneck.
• President Trump gives Iran a 'last chance' to negotiate, but US weapons stockpiles are reportedly depleted.
• Michigan Democratic Senate primary is framed as a referendum on the party's direction, with progressive candidate leading.
• Reuters/Ipsos poll shows Democrats have a narrow edge on economic stewardship for the first time since 2017.
• Ed Ludlow previews AMD earnings, seeing CPU demand in AI data centers as a differentiator from Nvidia.
• SpaceX faces its first earnings as a public company with a large lock-up expiration looming.
• Suzanne Maloney expects continued Strait of Hormuz volatility, fueling investment in alternative routes.