The US and Iran are trading strikes with no off-ramp in sight, which is bad for oil buyers, stocks, and anyone hoping the fight stays contained.

• US forces hit Revolutionary Guard targets in southwestern Iran, and Iran is firing back, with missiles reportedly landing in Jordan.
• Oil jumped about 5%, with Brent near $95, after tankers were hit near the Strait of Hormuz.
• Stocks fell sharply, with the Dow down more than 400 points, while government bond yields rise on war spending and inflation worries.
• Trump says any Iranian response brings a harder hit and a third round would wipe Iran out as a country, while officials privately question whether the US has the ammunition and assets to keep this up.
• Vance said he is fine with his work leading to the end times, and Treasury officials are downplaying Hormuz while promising new bank sanctions on Iran.

Outlook: More strikes and counterstrikes look likely, keeping oil high and stocks under pressure unless someone finds an off-ramp.