Iran and the US are locked in a stalemated war that is bad for everyone — oil is near $100, Iran's economy is buckling, and neither side can force an end.

• Iran offered a new peace deal tied to nuclear talks and Trump turned it down, with reports he plans to resume bombing after the midterms.
• Iran's foreign minister said the country is prepared even for a "doomsday war," and listed three times the US attacked during or right after negotiations as the reason it no longer trusts diplomacy.
• Eight US Marines were hurt, some with brain injuries, when an Iranian cruise missile hit a vessel in the Strait of Hormuz — details the military sat on for two weeks after denying any missile strike.
• Iran claims it hit 19 ships in the strait over two nights, and satellite images show the waterway now empty, suggesting it is trying to take back control of oil traffic.
• Treasury Secretary Bessent says Iran runs out of oil to sell within two weeks, though similar claims have been made for months.

Outlook: Expect more attacks on shipping and a likely renewed US bombing campaign after the midterms, with high gas prices and a squeezed Iranian economy grinding on rather than breaking either side.