The US is running short on air-defense missiles as its war with Iran drags on, a bad sign for American military strength and a warning for oil markets and the wider economy.

• Half the Patriot interceptor missiles and 80% of the more advanced THAAD interceptors have been used up since the fighting started.
• Trump clashed with defense secretary Hegseth over the shortage, having been told the problem was already fixed and that the war would be quick and easy.
• A ceasefire deal is being worked out between Iran and Oman, but the US isn't even at the table, and Trump is fighting to take credit.
• Iran is trying to charge ships a fee or toll to pass through the Strait of Hormuz, which the US rejects, and its forces reportedly fired on two commercial vessels there.
• Oil prices are rising and stocks fell, with the Dow dropping more than 450 points and ending a five-day winning streak.

Outlook: With missiles depleted and US threats looking empty, expect more pressure on oil prices and markets until some kind of Iran-Oman deal calms the strait.