The fight between the US and Iran has jumped to a new level, sending oil past $100 a barrel — bad news for anyone who buys gas, food, or anything that has to be shipped.

• The US destroyed five Iranian oil tankers, and Iran says it hit eight ships back plus two American vessels, which the US denies.
• Oil is up 40% and the Strait of Hormuz is packed with hundreds of ships that are now potential targets.
• Higher oil hits everything — gas, diesel, plastics, fertilizer, food, and shipping costs.
• Government bond yields are rising worldwide, so borrowing is getting more expensive for everyone, partly because China is buying less US debt while defense spending climbs.
• The US pressure campaign was meant to force Iran back to talks, but it is pushing Iran to escalate instead, since it has less to lose.

Outlook: No off-ramp is in sight, and one bad incident — American deaths or a big oil spill in the strait — could spiral the conflict further.