Tanker attacks in the Strait of Hormuz have restarted and Iran appears to be charging ships to pass, keeping oil near record-high levels and squeezing the US economy.

• Seven ships were hit near the narrowest point of the strait over the weekend, and gunners aimed at engine rooms rather than firing warning shots.
• The US Treasury's own sanctions paperwork shows a group set up to collect passage money has been funneling payments to Tehran through a crypto bank.
• Getting oil out now costs a $15–20 premium per barrel plus insurance, on top of US warships and helicopters escorting the tankers.
• Treasury Secretary Scott Bessent is walking back his "I am the house now" boast after bond yields jumped to their highest in 24 years, blaming a global rise he can't control.
• Iran admits its own economy is in crisis as its currency collapses and its oil minister resigns, but a country that sees itself in an existential war rarely surrenders over money.

Outlook: Rising interest rates and expensive oil look set to keep grinding on both economies, with Trump now weighing further escalation against Iran and direct intervention in Yemen.