US and Iran are trading strikes again after their fragile ceasefire fell apart, which is bad news for oil markets, drivers, and Ukraine.

• The US hit dozens of Iranian military targets around the Strait of Hormuz, and Iran struck back at US bases in Kuwait, Qatar, and Bahrain.
• Trump is threatening to reimpose a blockade and says he no longer wants a deal, keeping the region in a "no war, no peace" limbo.
• Oil jumped back to its highest level in weeks, pushing gas near $4 a gallon nationally and over $5 on the West Coast.
• The US strategic oil reserve is dangerously low — down to about 90 million barrels — leaving no cushion if the Strait stays shut.
• The fighting is draining US missile stockpiles so fast that there is little left to help Ukraine, which just failed to intercept a single Russian ballistic missile in a recent attack.

Outlook: With no deal in sight and oil supplies stretched thin, expect more tit-for-tat strikes, higher gas prices heading into the fall elections, and growing strain on US weapons stockpiles.