Oil is spiking toward $105 on fears the US will resume major strikes on Iran, which is bad news for drivers, stocks, and bond markets heading into winter.

• Oil jumped 5% on Middle East war fears and a US hurricane threat, while stocks and bonds both sold off.
• The Pentagon has been told to finish preparations for restarting major combat operations, possibly within weeks, and a third carrier is on the way.
• Trump says he does not want an Iran deal, even as Iran says talks are still going through mediators and it will answer a US proposal soon.
• A congressional report now puts US aircraft lost or damaged in the Iran war at 81, worth up to $3.3 billion.
• Six years of rising prices on food, coffee, and gas are hitting families hard, with a family of four in New Jersey needing tens of thousands more per year to get by.

Outlook: If strikes resume before the midterms, oil likely spikes further and stocks stay under pressure.