Bloomberg Intelligence Oil Dives as Trump Backs Off Iran Threats
Mar 23, 2026
Mike McGlone, senior commodity strategist focused on oil and metals, forecasts price moves and supply risks. Mark Gurman, tech editor covering Apple, profiles John Ternus and succession dynamics. Steve Lamar, apparel industry CEO, explains tariff refunds and supply-chain impacts from geopolitical shocks. They discuss oil pullbacks, timing to pump prices, Apple’s leadership path, and tariff repayment mechanics.
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Pump Prices Likely Near Their Peak
- McGlone sees gasoline and diesel peaks near $4.40 and $5.30 respectively and believes those are near-term highs.
- He notes typical post-spike gasoline drops of about $2 and a historical crude floor near $40 seen multiple times since 2008.
Gulf Damage Could Mean Long Term Energy Tightness
- Supply damage in the Gulf could keep global energy tight for years, especially for natural gas affecting Europe.
- McGlone highlights disrupted Qatar gas and longer timelines to restore capacity, while U.S. becomes a net exporter.
Gold Rally Has Likely Peaked
- Mike McGlone declares the gold bull market has likely ended after rapid gains earlier in the year.
- He points to gold's extreme valuations versus commodity indices and 60-month averages as reason for a sustained lull.