Wall Street is more focused on what Iranian officials are saying than Trump’s war-threat tweets

Good morning. On Fortune’s radar today:

Oil down, hopes up, Strait reopening.

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China stopped buying oil—and did the rest of the world a huge favor.

Breaking: Keir Starmer resigns as U.K. leader.

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Warsh didn’t say much, statistically.

Whey too expensive: inside the protein bar inflation crisis.

Strait talk: Traders are tuning out Trump

In the last 24 hours, President Trump twice threatened to restart the war against Iran and yet the price of Brent crude ticked lower to $79 per barrel from $81. Investors appear to be paying more attention to what mediators in Switzerland are saying about the ongoing peace talks between the two sides: “Encouraging progress” according to the BBC; “major progress” per Bloomberg. 

A review of this morning’s notes from Wall Street analysts shows they are focused more on what Iranian sources are saying about the negotiations than Trump’s tweets.

The diplomatic progress includes:

A communication line to ensure ships can transit the Strait of Hormuz safely.

A "de-confliction cell" to reduce fighting between Hezbollah and Israel.

Oil keeps flowing through Hormuz despite Iran saying it’s shut - Bloomberg

U.K. Prime Minister Keir Starmer resigns

Live coverage from the BBC here.

The move paves the way for former Manchester mayor Andy Burnham to replace him.

Burnham, like Starmer, hails from the Labour party's soft left.

Open question: It is not yet known whether Starmer and Burnham can figure out a way to transition the leadership without going through a formal contest that may open the door to other challengers, such as former health secretary Wes Streeting. 

Traders take a break to digest recent gains

S&P 500 futures were down 0.2% this morning. The index closed up 1.08% in its last session. 

In Europe, the Stoxx 600 was down 0.14% in early trading and the U.K.’s FTSE 100 was flat........

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