The Iran ceasefire has collapsed, and it's bad news for oil markets and anyone hoping the conflict was over.

• The US hit more than 80 Iranian targets and put oil sanctions back on after Iran attacked commercial ships near the Strait of Hormuz.
• Oil jumped back into the mid-$70s overnight, erasing the calm markets had settled into over the past few weeks.
• Iran vowed a "crushing response" and insists ships use its northern lanes, where it eventually wants to charge a toll — the US and Britain are clearing mines to keep the southern lanes open.
• Trump flipped from calling Iran's leaders "rational" to "scum," reportedly after seeing huge crowds at an Iranian funeral where "Kill Trump" signs appeared.
• Turkey is a wild card — it buys Iranian oil and hosted the NATO talks, and Trump may have pressed Erdogan to stay out of the way.

Outlook: Expect more back-and-forth strikes and jumpy oil prices, with no real peace deal in sight as long as Iran's Revolutionary Guard stays in power.