Rep. Swalwell Plans to Resign From Congress | Balance of Power 04/13/2026
Speakers
Mike McGlone
— Senior Commodity Strategist, Bloomberg Intelligence
Isabelle Lee
— Reporter, Bloomberg
Summary
This episode of Balance of Power covers the escalating U.S.-Iran conflict, including a naval blockade of the Strait of Hormuz, and its impact on oil prices and markets. It also discusses congressional budget battles, defense spending, and the resignation of Congressman Eric Swalwell amid ethics allegations. Analysts weigh in on geopolitical risks and commodity market implications.
- U.S. begins naval blockade of Strait of Hormuz after failed talks with Iran.
- President Trump claims Iran reached out for a deal, boosting market optimism.
- Oil prices volatile, with Brent crude falling below $100 per barrel.
- Congress returns to debate defense spending, homeland security funding, and ethics investigations.
- Congressman Eric Swalwell announces resignation following sexual assault allegations.
- Analyst Mike McGlone expects oil prices to fall as U.S. supply increases and demand adjusts.
- Geopolitical tensions with Iran and Israel-Lebanon talks are discussed.
- Political panel reacts to Hungarian election results and domestic political scandals.
Trade Ideas
December WTI oil contract to head toward $50.
The oil market is viewing the Strait of Hormuz blockade as a temporary obstacle; U.S. supply is increasing and will lead to demand destruction, with the December WTI contract expected to fall toward $50 as the market adjusts and the political/military situation is resolved.
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