Washington has shifted from missiles to sanctions against Iran, and the move looks more like anger than strategy — bad for Iranians, bad for the US economy, and bad for anyone hoping this ends soon.

• The new secondary sanctions threaten China, India, Turkey and Pakistan for buying Iranian oil, but going after China is unlikely — so expect a lot of noise and little action.
• China quietly kept oil prices from spiraling by cutting its own demand, which helped the US more than it hurt Iran.
• There is no stated list of demands this time, so there is no clear way for Iran to get sanctions lifted and no basis for talks.
• US troop casualties have climbed sharply, with more losses packed into the shorter second round of fighting than the first, and the Pentagon is accused of releasing the numbers slowly.
• The economic damage cuts both ways: Iran still controls the Strait of Hormuz, inflation is rising at home, and the Fed is now talking about raising rates instead of cutting.

Outlook: With no goal, no red line and Iran now threatening NATO member Bulgaria over base access, the conflict is more likely to grind on and widen than to settle.