Bloomberg This Weekend | US, Iran Trade Fire, Looking Ahead at Midterm Elections, World Cup Takeover
Speakers
Mike McGlone
— Senior Commodity Strategist, Bloomberg Intelligence
Carlos Ruiz-Hernandez
— Center for Strategic & International Studies Senior Advisor and Fmr. Vice Foreign Minister of Panama
Lisa Mateo
— Reporter, Bloomberg
Summary
Bloomberg This Weekend covers escalating US-Iran tensions, a fragile ceasefire, and the impact on oil markets. Commodity strategist Mike McGlone forecasts WTI crude could drop to $40 and recommends selling gold and silver. Other segments discuss Panama Canal traffic surge, midterm elections, Supreme Court decisions, and World Cup festivities.
- US and Iran trade strikes, threatening the ceasefire and Strait of Hormuz transit.
- Oil flows through Hormuz remain below pre-war levels, but new shipping routes emerge.
- Panama Canal sees traffic surge as ships avoid the Gulf, boosting revenue.
- Mike McGlone predicts WTI crude could fall to $40/barrel due to Western Hemisphere supply surplus.
- Gold and silver are overbought and likely to trade in a range after Q1 highs.
- Midterm election primaries show Trump's endorsement power in GOP races.
- Supreme Court to rule on Fed independence and birthright citizenship.
- World Cup knockout stage begins with cultural festivities in US host cities.
Ideas
WTI crude to $40 per barrel.
Mike McGlone forecasts WTI crude could fall to $40 per barrel by the second half of the year due to superabundance in the Western Hemisphere, where the US and Canada already run a 7 million barrel per day surplus and could reach 10 million by 2028. OPEC is becoming redundant as UAE has left and Iraq threatens to leave, accelerating global drilling. Technology is bearish for crude prices, and President Trump's pro-drilling stance adds further downward pressure. He compares it to 2008 when crude spiked to $147 then crashed to $40.
Sell gold and silver, overbought.
Gold and silver had excessive run-ups earlier this year, with gold reaching its highest ever versus the Bloomberg Commodity Index and a four-year high versus its 60-month moving average. Treasuries were at their lowest versus gold since the early 1980s. Gold put in a significant high in Q1 and will likely be stuck in a range for years. Investors are supposed to be selling precious metals.
Up Next
This Bloomberg Markets video, published June 28, 2026, features Mike McGlone discussing WTI, SILVER. 2 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Mike McGlone · Tickers: WTI, SILVER