Oil and gas prices are climbing as attacks on tankers in the Gulf escalate, which is bad news for drivers, shoppers, and the wider economy.

• Oil jumped to around $105 and gas is above $4 a gallon as tanker attacks in the Strait of Hormuz hit a wartime high.
• Iran says it has missiles aimed at ships, rejected a US response to its conditions, and a third tanker hit a mine and caught fire.
• The US struck a commercial tanker in the Gulf of Oman, and Trump says he may join Saudi Arabia against the Houthis after a missile hit a Saudi airport.
• Oil executives pulled out of the Riyadh energy conference, a sign business is pulling back from the region.
• At home the news cycle is consumed by political fights and rumor-mongering, including Musk attacking Texas candidate James Talarico and a conspiracy theory about a mental health facility that fell apart on inspection.

Outlook: Expect gas and food prices to keep rising as long as shipping through the Gulf stays under attack.