Trump threatens to seize Iran's Kharg Island and take its oil as US-Iran war escalates --- The US-Iran war is heating up again, which is bad for oil markets, shipping, and anyone hoping for calm in the Middle East.

• The US is bombing Iran again, firing dozens more cruise missiles at radar and air defense sites near the Strait of Hormuz.
• Iran has declared the Strait of Hormuz closed to all ships, including oil tankers, and threatened to attack any vessel that tries to pass.
• Trump threatened to "bomb the s*** out of" Iran and to seize Kharg Island to take total control of Iran's oil, comparing the plan to Venezuela.
• A draft ceasefire deal is reportedly ready through Qatar, so the heavy bombing may be posturing to pressure Iran into signing.
• Iran's military is still working, launching missiles as far as Jordan, Kuwait, and Bahrain, and the US still won't risk flying planes over Iran.

Outlook: Trump says today is decisive — either a deal gets signed or the bombing escalates, with oil shipping through Hormuz at risk either way.