Good morning. On Fortune’s radar today:

• Venezuela oil pact ‘looks like an insider deal.’
• Iran again offers Trump the deal he wants but the president wants to ‘hit them hard’ instead.
• Markets: It’s messy out there.
• You’re not still using a 60:40 stock-bonds portfolio, are you?
• The one number Fed Chair Warsh is actually watching.
• There’s a global sardine crisis—and prices are through the roof.

➡️ Did someone forward you this email? If you would like to receive this information directly, every morning before the markets open in New York, sign up here.

This story was originally featured on Fortune.com