Too much fire, not enough cease: Iran tightens its grip on global oil trade on eve of peace talks

Good morning. On Fortune’s radar today:

• Markets: Post-rally selloff underway.
• Iran: It’s not going well.
• David Zaslav’s $887 million golden parachute.
• $1 trillion: The amount of capex needed to make AI work.
• Kalshi trading volume hits $3 billion a week.
• Live map shows ships avoiding the Strait of Hormuz.

This story was originally featured on Fortune.com