This week, Jeremy and Gareth discuss the obvious (and only) story that really matters - the US and Israeli attacks on Iran.  What is obvious is that America's "complete control of the airspace" has not resulted in reopening the Strait of Hormuz - small Iranian missiles and drones remain a problem.  Less obvious is that America's "no limits on availability of munitions" presumably leaves Ukraine's supply at risk, and Taiwan less protected.  Oil prices are up by 25-30%, and inflation will follow unless this is very short-lived.  Bond yields are rising globally.  A regime-changed Iran (with free-flowing cheap oil for the world) would be a wonderful outcome, but is currently very far from assured. Jeremy explains the importance of Kharg Island...let's hope it stays out of the headlines.