Oil above $100 and a worldwide jump in borrowing costs are squeezing markets everywhere, which is bad for bond holders, airlines, and anyone paying for fuel.

• The Iran conflict is past 210 days, and Washington's promise that Iran folds "in two weeks" is not moving markets.
• Government bond yields are rising together around the world, above the levels seen just before the 2008 crash, as countries sell US bonds to raise cash for energy.
• Central banks are buying gold instead, with July purchases far above pre-2022 levels, because gold does not depend on US policy.
• Trump reportedly offered to sell weapons to China, which has a far bigger industrial and shipbuilding base and no reason to buy.
• A ban on US diesel exports would spike fuel prices abroad and eventually force refineries to cut output, raising US gas and jet fuel prices too.

Outlook: Expect higher borrowing costs and more gold buying, with a diesel ban risking handing export markets — and the currency they trade in — to China.