Fighting between the US and Iran has restarted after a month of quiet, pushing oil up and stocks down — bad for markets, worse for shipping.

• The US bombed Larak Island in the Strait of Hormuz to stop Iran from laying sea mines, killing two Iranian soldiers.
• Iran fired ballistic missiles back at US bases in Jordan; most were shot down, though some damage is claimed.
• Oil jumped and stock futures fell, breaking the calm that followed talk of switching from strikes to sanctions.
• Iran does not need to sink a ship — just being caught mining scares shippers away, and traffic through the strait has already thinned to a trickle.
• Gold has stayed flat despite the fighting, because a Fed under Kevin Warsh is expected to avoid printing money, which weakens the main reason to own gold.

Outlook: Expect more oil price swings and jittery markets while the mining threat hangs over the strait, with alternative pipelines years away from helping.