War between the U.S., Israel, and Iran has restarted, and this is very bad news for markets, oil, and U.S. troops in the region.

• Iran fired missiles at U.S. bases in Kuwait, with explosions also reported in Bahrain, Iraq, Saudi Arabia, and the UAE.
• It's payback for repeated U.S. strikes on Iran, including hits on Keshum Island near the Strait of Hormuz, now confirmed by U.S. command.
• Iran says it has stopped the tit-for-tat game and will now hit back harder than each U.S. attack, warning of a "crushing response."
• The U.S. has run down its weapons and interceptors, and there is no military way to reopen the Strait — only a deal can end this, but Trump wants a win, not talks.
• U.S. aircraft carriers and ships in the Gulf are now sitting ducks, putting service members in real danger.

Outlook: If cooler heads don't prevail in the next few days, the war spirals past the point of return, threatening a global economic crash and much higher oil and gas prices.