Oil went over $100 again after the U.S. admitted it cannot control the Strait of Hormuz

Photo: Infographic with map showing the Strait of Hormuz, locating floating objects (generally boats) captured by the Sentinel-1 radar satellite, before and after the announcement of the blockade of the strait by the Iranian Revolutionary Guard, according to an AFP analysis (Graphic by Valentin RAKOVSKY and Julie PEREIRA / AFP) (Credit: Graphic by Valentin RAKOVSKY and Julie PEREIRA / AFP)

Good morning. In today’s Fortune:

• Global selloff in the markets as oil goes over $100 again.
• The U.S. Navy admits it is afraid to sail into the Strait of Hormuz.
• Oman evacuated its Mina Al Fahal terminal.
• A set of storage tanks in Bahrain were torched overnight.
• In Asia, governments are ordering four-day weeks to save on fuel.
• Amazon let AI write its code, and it did not go well.
• Are we back inside the 1973 oil crisis? This highly misleading chart says so!
• Get ready for 3% inflation.
• 1 in 5 Gen Zers bring their parents to job interviews, apparently.