"The strait has been effectively closed since the U.S.-Israeli strikes on Iran began on February 28, triggering retaliatory attacks across the region and a collapse in maritime traffic."
"Before the conflict, the Strait of Hormuz was one of the world's busiest energy routes, carrying roughly a fifth of the global oil supply, but now, shipping has ground to a halt."
"Oil prices extended their rally on Wednesday, with Brent crude climbing above $114 a barrel and U.S. benchmark West Texas Intermediate surpassing $103."
"In 2025, Wall Street had coined a different code to help traders stay cool and navigate Trump's whiplash-inducing tariffs policy, TACO meaning Trump Always Chickens Out."
The acronym NACHO, meaning 'Not A Chance Hormuz Opens,' reflects Wall Street traders' skepticism regarding President Trump's ability to reopen the Strait of Hormuz. The strait has been closed since U.S.-Israeli strikes on Iran began, leading to a significant drop in maritime traffic and causing oil prices to surge. Brent crude has risen above $114 a barrel, while West Texas Intermediate surpassed $103. This situation contrasts with the previously coined TACO acronym, which referred to Trump's tariff policies and his tendency to back down from threats.
Read at www.mediaite.com
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