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

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.

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.

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.

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........

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