The European Central Bank warns Trump's Iran war could trigger a global financial crisis, and Americans are about to get hit with higher grocery and gas prices on top of it.

• The ECB says the Iran war, constant tariff flip-flops, and US pulling back from allies are raising the risk of a financial crisis.
• Stock valuations look stretched because of the AI bubble, where investors are betting big on companies that are not yet profitable.
• High government debt is making the situation worse, with doubts growing about whether it can be paid back.
• Trump's Gaza "Board of Peace" fund reportedly has zero dollars in it, even though member countries pledged billions.
• Grocery prices are set to jump from tariffs, bad weather, and a shrinking cattle herd, while gas prices are already high from the Iran conflict.
• Iran claims a draft deal is on the table to lift the naval blockade and restore Hormuz shipping, but the White House calls the report a fabrication.

Outlook: Expect more price pain at the pump and grocery store in the near term, with markets sitting on a knife's edge as the Iran standoff drags on.