Overview
- The acronym NACHO — short for “Not A Chance Hormuz Opens” — gained traction after Bloomberg’s Javier Blas posted it Wednesday, crediting a Wall Street trader.
- The Strait of Hormuz remains effectively closed since February 28, with a U.S. blockade and Iranian restrictions throttling a passage that normally carries about one‑fifth of the world’s oil.
- Oil prices climbed as the standoff dragged on, with Brent topping $114 a barrel and U.S. benchmark WTI above $103, while the U.S. average for regular gas reached $4 a gallon earlier in April.
- Talks to restore traffic have broken down after President Trump recalled negotiators, as Iran says it would reopen the waterway if the U.S. lifts its blockade and the U.S. ties relief to nuclear concessions.
- The White House pushed back through spokesperson Kush Desai, as coverage links NACHO to the earlier Wall Street shorthand TACO, and pro‑Trump figures floated a rosier backronym that failed to stick.