Iran strikes 85 U.S. military sites in the Gulf, sparking a global selloff in stocks and a spike in the price of oil

Good morning. On Fortune’s radar today:

• Iran bombs 85 U.S.-allied sites in the Middle East.
• Markets: Oil surges, stocks slide on war fears.
• AI capex is hurting hyperscaler profits, ING says.
• Fortune’s new AI podcast (made by humans!)
• You are more likely to inherit a business than buy one.
• Why you should know about Paris Hilton’s 11-month imprisonment.

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This story was originally featured on Fortune.com