US strikes on Iran are escalating the Middle East war and pushing oil prices sharply higher — bad for energy costs, shipping, and a already-shaky stock market.

• US forces hit military sites across Iran, and Iran's forces struck back at US targets in Bahrain, Kuwait, and Jordan.
• Oil jumped above $80 and is swinging wildly as the ceasefire falls apart and Trump talks of charging tolls to pass through the Strait of Hormuz.
• The fighting is spreading — the Houthis and Saudi Arabia traded airport strikes, breaking a four-year truce, and ships and foreign crews are trapped in the Gulf.
• IBM stock crashed over 20% after weak earnings, as its clients poured money into memory chips instead, hinting the AI-driven market is stretched thin.
• Korea's market is crashing too, with heavily-borrowed investors posting huge losses, while big banks rake in record profits from the trading frenzy.

Outlook: Neither side wants to back down, so expect oil to keep climbing and markets to stay jumpy in the near term.