Israel and Iran are trading strikes and oil is spiking — bad news for markets, the global economy, and anyone hoping for calm.

• Israel hit Iran after Iran fired missiles at Israel, in retaliation for Israel attacking Lebanon — and the cycle keeps going.
• Explosions hit Tehran and other Iranian cities; both sides are escalating fast.
• Trump claims he "calls the shots" and told Netanyahu to stop, but Netanyahu attacked anyway — Trump is just tweeting "please stop shooting."
• Oil jumped over 4% toward $100 a barrel, and a SpaceX IPO plus a market bubble add up to a perfect storm.
• Most Americans don't want this war, and Trump has floated a commando raid on Iran, which would be deeply unpopular.

Outlook: With both sides still attacking and US markets about to open, things look set to get worse before any deal.