The five-month Iran conflict is heating up again, and that's bad news for the Middle East, oil markets, and hopes of a quick peace deal.

• Iran fired ballistic missiles at a US air base in Jordan; Jordan says all five were shot down with no casualties.
• The US teamed up with Saudi Arabia to hit Iran-backed militias in Iraq, killing at least 20 fighters and six Iranian advisers, and Trump vowed to hit back hard.
• Saudi Arabia and the UAE are now joining the US side instead of pushing to end the war, a sign some see as slow progress.
• Russia is believed to be feeding Iran targeting help, payback for US help to Ukraine, while China is suspected of supplying missiles and rocket-fuel chemicals.
• The real prize looks less like Iran's nuclear program and more like control of the Strait of Hormuz and the possible fall of Iran's regime.

Outlook: Expect more strikes and slow, painful pressure aimed at splitting Iran's hardline military from its civilian leaders rather than an all-out invasion.