The Iran war is quietly wrecking the US economy through high oil prices and rising inflation, which is bad news for American consumers, the bond market, and Trump.

• Attacks on Saudi oil sites, pipelines, and Red Sea shipping are threatening to knock huge amounts of oil supply offline.
• US gas prices are still way above pre-war levels, and oil companies are cashing in by selling crude abroad instead of helping Americans.
• US emergency oil reserves have fallen to a 43-year low, leaving only a few days' worth of backup supply.
• The government must refinance over $10 trillion of debt in the next year, right as inflation and interest rates stay high.
• China is expected to ramp up oil buying again, which would push prices even higher.

Outlook: Unless Trump finds a way out of the war soon, a fresh wave of inflation looks likely — with a Trump reversal, a recession, or money printing as the escape routes.