Bad news for Americans and the global economy: the US is locked in an on-and-off war with Iran that keeps escalating, with no real deal in sight.

• Trump keeps announcing a peace deal is almost done, then orders more bombing — a cycle repeated dozens of times since the war began in late February.
• Iran flatly denies any deal exists, saying negotiators were blindsided by Trump posting agreements on social media that were never agreed to.
• The US is taking heavy equipment losses at Gulf bases, the strategic oil reserve is draining fast, and Iran controls who passes through the Strait of Hormuz despite US claims it's "open."
• Israel is calling the shots and wants Iran destroyed, leaving Trump unable to either win or walk away.
• War-driven shortages of fertilizer and sulfur threaten global food supplies, raising fears of famine whose health damage could last generations.

Outlook: Expect more bombing, higher losses, and rising food and energy prices as the conflict drags on with no credible path to a settlement.