Good morning. On Fortune’s radar today:

- Markets: Oil spikes, stocks wobble.

- California’s looming jet fuel crisis.

- Trump signals a long war with Iran.

- Jabil board defies angry shareholders.

- Mass unemployment is mysteriously MIA.

- Donald Trump Jr.’s big bet on Polymarket.

THE MARKETS

Global selloff underway as oil spikes up again

- S&P 500 futures were flat this morning. The index fell 0.41% yesterday.

- In Europe, the Stoxx 600 was down 0.92% in early trading and the U.K.’s FTSE 100 was down 0.82% before lunch.

- Asia: South Korea’s KOSPI was very flat, closing down a barely measurable 0.0028%. Japan’s Nikkei 225 was up 0.97%. India’s Nifty 50 was down 1.12%. China’s CSI 300 was down 0.35%.

- Brent crude oil rose to $106 per barrel this morning from a low of $101 yesterday.

- Bitcoin was at $77.8K.

Retail investors plowed $5.7 billion into stocks between April 9 and 15, the week when the S&P 500 came roaring back to crest over 7,000, according to Arun Jain and his colleagues at J.P. Morgan. That’s still below the 12-month average of $6.6 billion per week.

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There is more room for that trend to run, according to Adam Turnquist of LPL Financial. “Institutional investors have been rebuilding long equity exposure following heavy short positions last month. Meanwhile, retail investors have largely remained on the sidelines during this recovery, leaving the window open for potential fear-of-missing-out inflows back into U.S. equities,” he said in an email sent to Fortune.

Chart from TradingEconomics.com.

ONE BIG THING

California faces summer jet fuel crisis if war drags on

Europe and Asia face widespread fuel shortages this summer as the war in the Middle East drags on, but shortfalls—especially for jet fuel—will soon spread to California and the broader west coast of the U.S. While the U.S. leads the world in crude oil production, California essentially operates as an island sandwiched between the Pacific Ocean on one side and mountainous terrain on the other. California thus imports a lot of its oil, gasoline, diesel, and jet fuel from Asia—a region that is itself currently struggling with shortages because of its reliance on the Middle East.

“If we don’t have some concrete [peace] deal here in the next three weeks, then I’m really nervous for the West Coast this summer in terms of jet fuel,” Patrick De Haan, head of petroleum analysis at GasBuddy, told Fortune’s Jordan Blum. “That’s not going to be great for California’s economy.”

IRAN

Trump signals he’s in no rush to end the Iran war

President Trump said the fragile ceasefire between Israel and Lebanon will be extended a further three weeks. In posts on social media and while taking questions from the press, the president hinted that the war with Iran will not be resolved soon. “I have all the time in the World, but Iran doesn’t — The clock is ticking!” he said on Truth Social. At an event yesterday, he said, "If they don't want to make a deal, then I will finish [the war] up militarily." And, "I don't want to rush myself."

Hurry up and wait. He also acknowledged that Iran has yet to get back to him. “Iran is having a very hard time figuring out who their leader is! They just don’t know!”

The state of the Strait. And, of course, the Strait of Hormuz remains at a standstill, the president confirmed. “I have ordered the United States Navy to shoot and kill any boat, small boats though they may be (Their naval ships are ALL, 159 of them, at the bottom of the sea!), that is putting mines in the waters of the Strait of Hormuz. There is to be no hesitation. Additionally, our mine ‘sweepers’ are clearing the Strait right now.”

- Bottom line: The signals suggest that the timeframe for ending the war is getting longer.

BIG TECH

Jabil’s shareholders are mad at the company—but the board is ignoring them

Jabil, the Florida-based tech-hardware-maker (No.148 on the Fortune 500), appears to be at war with its own shareholders. The company’s board did not accept the resignations of two of its directors who were voted out by shareholders at the company's annual meeting in January, according to an SEC filing spotted by Fortune’s Amanda Gerut. On April 22, the board rejected the resignations of John Plant and N.V. "Tiger" Tyagarajan, despite 84% of shareholder votes cast against Plant and 70% against Tyagarajan. Neither director attended 75% of the board's 14 total meetings in fiscal 2025 due to "coinciding professional responsibilities." Plant's pay for board service last year was $330,624 and Tyagarajan's was $333,028.

- Meta to lay off 8,000 as part of AI efficiency push - Axios

- Strategy’s teetering financial tower - FT

Stocks slump globally as Trump says he’s in no rush to end the war—and California is running out of jet fuel