The US-Israel-Iran war has restarted, and it's bad news for the region and the global economy.

• The US launched fresh strikes on Iran, hitting a barracks full of conscripts, grain sites, and a water plant, killing large numbers.
• Iran hit back hard at US bases in Bahrain, Kuwait, and Jordan, punching through air defenses more easily than before.
• Trump dropped his plan to charge a 20% toll on ships passing through the Strait of Hormuz, taking Gulf State investment instead, and again threatened to wipe out Iran's population.
• The US is pulling back from Iraq, which Trump frames as victory but looks more like being pushed out.
• Saudi Arabia struck Yemen's Houthis, who fired back and threatened to close another key shipping lane, risking a bigger economic hit.

Outlook: Trump is stuck choosing between a shaky holding pattern, more escalation, or a humiliating retreat, with gas prices likely staying high through it all.