Iran is shifting its fight away from the battlefield and toward US oil supplies and government debt, which is bad news for American consumers and anyone holding bonds.

• Attacks on oil refineries have pushed diesel to record highs.
• Expensive diesel feeds straight into higher food and shipping costs.
• The bigger target is the US Treasury market, where America is most vulnerable.
• Washington now spends more on interest payments than on its own military, a warning sign for any empire.
• Even the world's largest bank admits it cannot predict how this plays out.

Outlook: Expect more pressure on gas, diesel, and food prices if refinery attacks continue and bond markets stay unsettled.