Trump is pushing the Iran conflict into an open-ended war and slapping a toll on Hormuz shipping — bad for oil markets, gas prices, and anyone hoping this ends soon.

• Trump reinstated the blockade on Iran and now wants a 20% cut on all cargo passing through the Strait of Hormuz; Iran offered to charge just 1%.
• The fight is no longer about nukes or regime change — it is a tit-for-tat battle over who controls the strait and collects the toll.
• Oil jumped back over $80, government bond yields rose, and stocks slipped as the standoff drags on with no deal in sight.
• The US oil reserve is near its bottom and will run low within weeks; if China resumes buying, gas could spike toward $5 a gallon fast.
• Neither side has felt enough pain to fold — Iran can wait the US out economically, and Trump's ego won't let him back down.

Outlook: Expect the standoff to grind on for weeks, with a real oil-and-gas crisis likely within a month unless one side suddenly caves.