Bad news for oil markets and investors: the Iran ceasefire has collapsed, fighting is back, and oil jumped 6%.

• Trump called the Iran deal dead, saying he's done negotiating and that Iran can't be trusted.
• The US and Iran are trading fresh strikes, with both sides claiming to have hit 80-plus targets, including US bases in Bahrain and Kuwait.
• The US put oil sanctions back on Iran, which helped push oil up sharply.
• Trump also lashed out at NATO and Spain, calling for a cutoff of all trade with Spain, and pushed again to take Greenland.
• Markets look shaky — Korea's market is down 20%, and higher oil plus cut-off Middle East supplies of fuel and fertilizer could feed inflation and keep interest rates high.

Outlook: With strikes resuming and sanctions back on, expect oil to stay high and markets to stay nervous until talks restart.