In the Iran war, it’s not the oil that’s important—it’s the water

Photo: Volunteers stand amid the debris of destroyed buildings at the site of an Israeli airstrike in the southern Lebanese city of Nabatieh on March 5, 2026. Israel launched on March 5 a fresh wave of strikes on Iran, which stepped up its attacks on Gulf nations Qatar and Bahrain, as the Middle East war spread throughout the region and beyond. (Photo by Mouhammad al-ZANATY / AFP) (Credit: Mouhammad al-ZANATY—AFP)

Good morning. In today’s Fortune:

• The Middle East war now involves 17 different countries.
• Stock markets are broadly up today. Phew!
• Why hasn’t Iran bombed any of its neighbors’ water desalination plants?
• Angeliki Frangou, CEO of Navios Maritime Partners, tells us what it’s like having your ships trapped in the Strait of Hormuz.
• Elon Musk’s SpaceX IPO could hit $1.7 trillion.
• Leopold Aschenbrenner’s $5.5 billion AI bet.
• Palantir CEO thinks governments might nationalize AI.