Fighting looks to be restarting in the Middle East, which is bad news for oil buyers, shipping, and stock investors.

• Trump rejected Iran's conditional ceasefire offer, and explosions were reported around the Strait of Hormuz with at least one ship hit.
• Iran denies any role in the attack on Saudi Arabia's pipeline and blames Israel for trying to widen the conflict.
• Oil prices are likely to climb and stocks are already falling as the fighting resumes.
• At home, a powerful nor'easter flooded streets and cars along the New Jersey and Massachusetts coast, with people kayaking through their own neighborhoods.
• The White House is also blocking hundreds of millions in education and health funding and rolling back fuel rules.

Outlook: Expect higher oil prices and more market losses if the naval clashes in the Strait continue.