*This episode was updated to remove incorrect normal Strait of Hormuz traffic figures*

Oil traders are pushing back against the NACHO trade - "Not Any Chance Hormuz Opens" - sending Brent crude down around 6% on the week as positive signals emerge from U.S.-Iran talks. But differences over Iran’s uranium stockpiles and a toll on the Strait of Hormuz as well as President Trump's threat to resume bombing hangs over negotiations. Plus, Kevin Warsh is officially sworn in as Federal Reserve chair at the White House today.

Today’s recommended read: Can Wall Street boom soothe workers' pain?, Jamie McGeever

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Produced by Eliza Davis Beard, Ethan Plotkin and Abisoye Adelusi

Sound engineering and music by Sebastian and Josh Sommer

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