Fighting between the US and Iran is picking up again, pushing oil and gas costs higher and squeezing consumers.

• Trump has promised to hit Iran hard after Iranian attacks on US forces in Jordan, and Iran says it will hit back even harder.
• Iran is laying mines in the Strait of Hormuz to scare off shipping and force tankers into a northern route it controls; the US says no ship has actually been hit.
• Oil is back near $91 a barrel with diesel costs high, because strikes on refineries in the Middle East and Russia have cut into already tight supply.
• Government bond yields are climbing on those oil costs, which keeps borrowing expensive for everyone.
• Oil companies like Chevron and Exxon are the big winners, posting their best profits in years, while the US is reportedly running low on munitions.

Outlook: The tit-for-tat strikes look set to continue, keeping oil and interest rates high for a long time and building up bigger risks for the economy later.