Markets in meltdown after Trump threatens major escalation in the war against Iran

Good morning. In today’s Fortune:

• The war: Oil is at $113 and markets are in meltdown as Trump threatens to escalate the war in Iran tonight if Tehran doesn’t reopen the Strait of Hormuz. In response, Iran has threatened to start taking out its neighbors’ water supplies. The damage to the oil market is greater than that of 1974 and 2022 put together, the IEA says.
• Exclusive: Supermicro’s dark history of smuggling chips to Iran.
• AI isn’t replacing as many jobs as you’d think.
• Tim Cook’s likely successor at Apple.
• Aye, robot! Mark Zuckerberg is building an AI agent for himself.

This story was originally featured on Fortune.com