Trump swapped his new Air Force One for the old plane leaving Alaska, and the US is bombing Iran for a second straight day — bad news for anyone hoping the conflict is winding down.

• Trump flew home on the old plane, with security concerns tied to Iran threats the likely reason.
• Trump keeps talking about being "number one on the kill list" for Iran and his odds of dying in office, raising questions about his state of mind.
• The US launched new strikes on Iran, framed as protecting shipping in the strait, while more than 20 Navy warships sit in the Middle East.
• Trump wants to push military spending to $1.5 trillion, a windfall for US defense companies.
• Oil prices are rising as the conflict escalates, and Pakistan is urging all sides to pull back.

Outlook: The Iran conflict looks set to widen, not end, with more strikes and higher military spending likely in the near term.