The US has widened its bombing campaign against Iran after tit-for-tat strikes, and it is bad news for oil markets, US troops, and civilians on both sides.

• American forces hit targets along the Strait of Hormuz, including port areas, after Iran struck US bases in Jordan.
• Trump insists this is a "limited" operation, not a war — a label that also denies soldiers wartime benefits.
• Treasury Secretary Scott Bessent is promising bank sanctions and asset seizures meant to choke Iran's economy, including going after Gulf banks that keep trading with Tehran.
• A strike on a wedding in southern Iran killed four people and wounded dozens, the kind of hit that fuels retaliation.
• The military is short on Tomahawks and interceptors, so the US is fighting a war it is not stocked for.

Outlook: Iran has promised to hit back, and the strait is unlikely to be secured by bombing, so expect more escalation and higher oil risk.