The US and Iran are shooting at each other again after a quiet month, and oil is back above $90 a barrel — bad for oil prices, drivers, and anyone hoping the war was winding down.

• US forces hit Iranian launchers near the Strait of Hormuz, saying Iran was about to drop sea mines into the shipping lane.
• Iran fired back at targets in Jordan and the UAE, and at least some missiles appear to have gotten through.
• Both sides kept it small on purpose, but the fight burned through expensive US interceptor missiles that are already running low.
• Iran is hurting badly at home — gas lines, fuel rationing, and runaway prices — because almost no oil money is coming in.
• Roughly half the normal oil flow is moving through the strait, enough to keep Gulf countries afloat but far below pre-war levels.

Outlook: Iran may be holding its real response back until just before the US midterm elections, when hitting oil and shipping would do the most political damage to Trump.