Oil is closing in on $100 a barrel after new strikes on Saudi Arabia's oil facilities, which is bad news for anyone who drives, buys food, or holds US debt.

• Houthi attacks set fires at Saudi Aramco sites and injured dozens, knocking more supply out of a market that is already tight.
• Americans just paid the highest gas prices ever recorded for a Labor Day weekend, and diesel is at an all-time high.
• High diesel prices feed into everything trucked or farmed, so grocery prices will keep climbing for months.
• Ukraine's drone strikes have cut Russian refining sharply, and China has started buying more oil again, adding more pressure.
• The old petrodollar loop is breaking down: Gulf money is no longer flowing back into US government bonds, so borrowing costs are rising instead of falling during a crisis.

Outlook: With refineries already running flat out and no end to the Iran conflict, gas and diesel prices look set to stay high or go higher.