Iran War: Tehran Threatens Gulf Ports and Calls US Blockade Illegal | The Opening Trade 4/13/2026

Watch on YouTube ↗  |  April 13, 2026 at 09:43  |  1:36:05  |  Bloomberg Markets
Speakers

Summary

Markets react to the failure of US-Iran peace talks and President Trump's announcement of a naval blockade of the Strait of Hormuz, set to begin at 3 pm UK time. Oil and gas prices surge, while equities show relatively muted losses. The program also covers the historic election result in Hungary, where Viktor Orban's defeat is expected to reshape the country's EU relations and unlock frozen funds.

  • Oil and natural gas prices jump sharply on the US plan to blockade the Strait of Hormuz.
  • European and US equity futures decline, but losses are described as relatively shallow and orderly.
  • The Hungarian forint and stocks rally after opposition leader Peter Magyar's landslide victory ends Viktor Orban's 16-year rule.
  • Airlines, notably Lufthansa, face pressure from higher fuel costs and strike action.
  • Analysts discuss continued investor de-risking into cash and tech as safe havens amid inflation worries.
  • Upcoming US bank earnings and ECB commentary are highlighted as key market events.
  • Geopolitical analysis focuses on the sustainability and risks of the Hormuz blockade.
  • Sector flows show rotation from US to European equities and into equal-weight indices.
Trade Ideas
Tom Mackenzie Anchor, Bloomberg 1:48
Hormuz blockade reduces oil supply, supports prices.
The U.S. blockade of the Strait of Hormuz, announced after failed peace talks, means any Iranian exports and vessels that paid tolls to Iran could be blocked, while other traffic faces risks from mines or proximity to Iran. This leads the oil market to conclude that less product will exit the Gulf, reducing physical availability and supporting elevated prices.
WTI UNG HIGH
Michael Metcalfe 14:07
Continue de-risking into cash amid inflation shock.
Investors should continue de-risking due to the inflation shock from the Middle East conflict worsening. The economic impact is unfolding, with U.S. inflation already above 4% and rising quickly, indicating a larger shock than initially thought. De-risking means moving out of equities and into cash, as the long end of the fixed income market also faces risks from lower growth, higher inflation, and fiscal concerns.
CASH HIGH
Michael Metcalfe 22:36
Tech is a safe haven versus cyclicals.
Tech stocks have been a relative safe haven as investors rebalance away from cyclicals in this environment. Even though tech is a large overweight, investors have moved back into it because they don't want cyclical exposure.
XLK MED
Chloe Manley 42:02
Oil majors rise with surging energy prices.
Oil and gas majors are in focus as natural gas and oil prices surge due to the failed peace agreement and Trump's threat to blockade the Strait of Hormuz. The threat itself increases the odds of miscalculation and reduces diplomatic space, putting additional pressure on oil markets, which could result in these names moving higher.
XLE MED
Chloe Manley 42:36
Hungarian assets rally on pro-EU election win.
Hungarian stocks and the forint are gaining after Peter Magyar's election victory, which promises to bring Hungary closer to the EU and dismantle the prior authoritarian system. The index had already outperformed in anticipation, and the victory could extend those gains.
HUF VGK HIGH
Chloe Manley 43:09
Lufthansa hit by strike and high fuel costs.
Lufthansa faces a two-day pilot walkout, creating additional pressure on top of higher jet fuel prices from the Iran war. The airline has seen significant share volatility since the war began, and this weakness could continue due to the strike action.
LHA MED
Fiona Bell 54:32
Flows rotate from US to European equities.
Flows have moved from the S&P 500 into the S&P 500 equal weight index, and from US equities into European equities. This represents a rotation out of high-concentration, high-conviction positions into more broad-based equity exposure, with European markets seeing relative inflows.
VGK RSP MED
Chloe Manley 61:09
Miners fall with metals in risk-off move.
Miners, particularly those exposed to gold and aluminium, are moving lower in a risk-off environment where those metal prices are falling.
GDX LOW
Up Next
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Trump Vows Hormuz Blockade After US-Iran Talks Fail | Horizons Middle East & Africa 4/13/2026
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Shallow Losses for Stocks Despite Hormuz Blockade: 3-Minutes MLIV
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Oil, Gas Surge as Trump Orders Hormuz Blockade & Hungary's Orbán Ousted| Daybreak Europe 4/13/2026
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What Will Trump Do Next After US-Iran Talks Collapse?
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1:34:59
Traders Run For Cover as US Prepares Hormuz Blockade | The China Show 4/13/2026
Bloomberg Markets · Apr 13

This Bloomberg Markets video, published April 13, 2026, features Tom Mackenzie, Michael Metcalfe, Chloe Manley, Fiona Bell discussing WTI, UNG, CASH, XLK, XLE, HUF, VGK, LHA, RSP, GDX. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Tom Mackenzie, Michael Metcalfe, Chloe Manley, Fiona Bell  · Tickers: WTI, UNG, CASH, XLK, XLE, HUF, VGK, LHA, RSP, GDX