The Iran war is now hitting American wallets and American military strategy at once, and it is bad news for consumers, farmers, and Trump ahead of the midterms.

• The Pentagon is looking at shrinking its Gulf presence after months of Iranian strikes wrecked US bases there.
• Shipping through the Strait of Hormuz has collapsed to a trickle, and two more ships were attacked, killing a sailor.
• Diesel prices are close to their all-time high, pushing up the cost of food and everything else that moves by truck.
• Farmers are getting squeezed from three sides at once — fuel, fertilizer, and tariffs — with some facing foreclosure.
• Inflation is running well above where it sat before the war started, wiping out Trump's affordability pitch.

Outlook: Iran says the strait stays shut until Washington lifts sanctions and unfreezes assets, so the price pain and the pressure on Republicans look set to build into the midterms.