As the U.S. gears up for a potential ground war in Iran, $100-plus oil threatens ‘demand destruction’ — starting in Asia

Good morning. In today’s Fortune:

• In Iran, the likely next phase is a ground war—troops, ships, jets, and helicopters are on their way and the White House declined to rule out “boots on the ground.” The goal will be to reopen the Strait of Hormuz. We’ve got a map of the safe route through Hormuz (for those who pay a steep fee).
• Oil’s “demand destruction”: The price of oil eased but remains above $100. Stock traders did not celebrate, and U.S. futures were in negative territory this morning.