The president’s handling of the Iran war has earned him a humiliating new nickname among Wall Street traders who are questioning his ability to reopen a critical global oil route.
Traders have adopted the term “NACHO,” an acronym for “Not A Chance Hormuz Opens,” according to Bloomberg columnist Javier Blas, who reported Wednesday that a trader disclosed the nickname. It’s a reference to the Strait of Hormuz, a vital waterway through which about a fifth of global oil supplies normally flow.
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