Stocks fell and oil jumped as the Iran ceasefire looks set to collapse, which is bad for investors, drivers, and anyone hoping the Middle East calms down.

• Iran ruled out extending an interim deal, and Trump refuses to extend the ceasefire, sending Brent oil above $90 and knocking the Dow down.
• US government bonds sold off hard, pushing 30-year yields to their highest since 2007, as investors expect heavy borrowing to pay for the war on top of existing deficits and inflation.
• Trump threatened to bomb Oman if it interferes with reopening the Strait of Hormuz, even though Oman had been trying to broker talks with Iran.
• Iran appears emboldened rather than beaten, weighing a push to rebuild its regional network of allied militias, while a drone strike hit the Kurdish prime minister's office in Iraq.
• Higher gas prices are landing on Americans already gloomy about the future, with more people now saying their opportunities are worse than their parents' than better.

Outlook: With no deal in sight and shipping through Hormuz still far below pre-war levels, expect oil and interest rates to stay high and markets to stay jumpy.