The Iran conflict is heating up again around the world's most important oil chokepoint, and that is bad news for oil prices and anyone hoping the war winds down soon.

• Iran says two more tankers hit mines and caught fire in the Strait of Hormuz, days after the US declared the passage cleared and safely open.
• The US now follows a "tanker for tanker" rule — Iranian tankers get struck whenever Iranian forces hit shipping — and it has already carried out the first such strike.
• Oil is climbing again, back near $95 a barrel, after briefly easing.
• Iran is promising a "new strategy" with new missiles and drones, possibly built with Russian help, which could push oil back over $100.
• Trump says the US has full control of the strait, claims victory, and has proposed renaming it the "Trump Strait" — while Iran's currency collapses and US strikes keep killing civilians, handing Iran propaganda material.

Outlook: Expect oil to stay high and jumpy as long as ships keep getting hit, with a sharp spike if Iran unveils weapons it has not used yet.