Good morning. In today’s Fortune:
- In Iran, the likely next phase is a ground war—troops, ships, jets, and helicopters are on their way, as the White House declined to rule out “boots on the ground.” The goal will be to reopen the Strait of Hormuz. We’ve got a map of the safe route through Hormuz (though those ships will pay a steep fee).
- Oil’s “demand destruction”: The price of oil eased but remains above $100. Stock traders did not celebrate, and U.S. futures were in negative territory this morning. Analysts are worried that sustained high oil prices threaten “demand destruction,” where certain industries simply cease to function—and there are signs of that in Asia already.
- Shock as the founder of Supermicro was arrested in a chip-smuggling probe.
- The French really are thinner than the rest of us.
- Fetch my clubs! Are you really a Fortune 500 CEO if you don’t have a country club membership?
