Fighting between the US and Iran has flared up again after weeks of quiet, and it is bad news for gas prices, US sailors in the Gulf, and anyone hoping the war was winding down.

• The US sank three Iranian oil tankers after Iran's Revolutionary Guard fired ballistic missiles at two US Navy warships.
• Iran says it captured a new US unmanned submarine, built by Anduril, at the mouth of the Strait of Hormuz, and it also shot down a US drone.
• Iran has been firing missiles at US ships for days, including an aircraft carrier, but has deliberately missed, sending the message that US forces in the region are sitting ducks and should leave.
• The Treasury sanctioned dozens of Iranian civilian airlines and blocked assets of companies in Turkey, Kazakhstan, Malaysia, and the UAE that do business with them.
• Gas prices have already risen sharply and will likely climb further as long as the Strait of Hormuz stays a battleground.

Outlook: Neither Tehran nor Washington is offering concessions to revive the ceasefire deal, so more strikes and higher oil prices look likely in the near term.