US, Iran Prepare to Sign Deal | Balance of Power 6/16/2026

Watch on YouTube ↗  |  June 16, 2026 at 21:10  |  51:23  |  Bloomberg Markets
Speakers
Mike McGlone — Senior Commodity Strategist, Bloomberg Intelligence
Charlie Pellett — Anchor/Reporter, Bloomberg

Summary

The episode covers the upcoming US-Iran deal signing and G7 summit, with oil markets falling sharply on expectations of Strait of Hormuz reopening. Israel expresses deep concerns over the deal’s inability to address nuclear and terror threats. Political segments focus on Georgia primary runoffs and FISA expiration. Mike McGlone lays out a firmly bearish crude oil and gasoline thesis tied to Trump’s political needs and historical price patterns.

  • US and Iran are set to sign a memorandum of understanding, extending a ceasefire and reopening the Strait of Hormuz.
  • Oil prices plunge below $76 WTI on supply optimism; Mike McGlone forecasts WTI near $50 by year-end.
  • Gasoline prices are expected to decline toward $3 or below as crude drops and driving season passes.
  • Former Israeli ambassador Michael Oren says Israel may find itself facing resurgent threats and remains skeptical of the deal.
  • Georgia holds primary runoffs for Senate and governor, with Trump endorsing Mike Collins over Kemp-backed Dooley.
  • FISA Section 702 expires amid a standoff over DNI nominee Bill Pulte, though Jay Clayton may unlock a path forward.
  • SpaceX shares continue to rally, overtaking Amazon in market cap only days after its debut.
  • Dow hits a record while tech stocks decline; the Fed’s first rate decision under Chair Warsh looms.
Ideas
Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 38:38
Oil and gasoline prices will fall sharply.
President Trump needs lower energy prices ahead of the midterm elections. The reopening of the Strait of Hormuz will bring back supply. Crude oil tends to fall to a 'low price cure' after spikes above $100. He expects WTI to drop toward $50 by year-end, and gasoline to fall toward $3 and potentially below.
WTI BNO UGA HIGH
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This Bloomberg Markets video, published June 16, 2026, features Mike McGlone discussing WTI, BNO, UGA. 1 trade idea extracted by AI with direction and confidence scoring.

Speakers: Mike McGlone  · Tickers: WTI, BNO, UGA