Full-scale war between the US and Iran has restarted, and the big warning here is an oil and economic shock that's bad for almost everyone.

• The US is hitting Iran's infrastructure, including water reservoirs that supply its people.
• Iran says it will hit back, and full-scale war has started again.
• Markets fell again, and oil prices are expected to spike hard.
• Getting a few oil ships through the Strait of Hormuz won't be enough to prevent a much bigger economic hit.
• Israel is pushing deeper into Lebanon, widening the conflict.

Outlook: Expect rising oil prices and growing economic pain as the fighting escalates.