The US-Iran war keeps widening, and it's bad news for oil markets, US finances, and everyone paying at the pump.

• US forces have bombed Iran ten nights in a row, with Trump vowing Iran will "pay" for killing American soldiers.
• The Houthis just declared a naval blockade of Saudi shipping in the Red Sea, threatening to hit Saudi ships that don't turn back.
• Oil sits near $82 a barrel and gas has topped $4, as the Red Sea route and the Strait of Hormuz both get squeezed.
• Ship owners are offering crews six months' extra pay to risk sailing through Hormuz.
• The war is piling onto a US debt already costing $17 billion a month in interest, raising doubts the country can afford it.

Outlook: With no ceasefire in sight and shipping lanes under threat, expect more escalation and further upward pressure on oil and gas prices.