They just started bombing Iran again --- The US has started a second night of airstrikes on Iran, and Iran has responded by closing the Strait of Hormuz to all ships — bad for the world economy and oil markets.

• The US launched a fresh wave of strikes on Iranian coastal and port areas, hitting radar and air defense sites to clear the way for warplanes.
• Iran ordered the Strait of Hormuz closed to all vessels, including oil tankers, and warned it will target any ship that tries to pass.
• The US calls the bombing "negotiating with bombs," with bridges, power plants, and water supplies named as the next targets.
• Iran is tougher than US claims suggest — it reportedly kept half its missiles and mobile launchers and still has working air defenses.

Outlook: Closing Hormuz could spike oil prices worldwide, and more strikes look likely unless a deal or a US pullback comes fast.