The assassination of Iran's Soleimani is an event that has global impacts. We may see the US has to fight another Vietnam war in the ME, and will lose it with the demise of the dollar as the world currency.
The US has already had a significant presence in the ME. Unlike the Vietnam war, the US, this time around, can't simply walk away when it finds it can't win the war. Without Saudis' support, the petro-dollar is dead, so the dollar becomes useless green toilet paper. Thus, the US has no other option but to hang on in the ME, dragging it deeper and deeper into a chronic, unwinnable war with Iran and its supporters.
This war will not end well for the US for sure. During the Vietnam war, it was China and the USSR which stood behind to support the Vietnamese. This time, it is China and Russia, the two guys again, which stand behind to support the Iranians. It is a proxy war for China and Russia, and even for Iran, but a direct war for the US. Unlike during the Vietnam war sixty years ago, the US now is much weaker and China is much stronger. What China could offer the Vietnamese sixty years ago were rifles and other small arms, plus surface to air defense. This time, what China can offer the Iranians are a full spectrum of weaponry that rivals US weaponry, from satellite surveillance to deep sea monitoring, from missiles to jet fighters to subs. The final results will be much worse than the Vietnam war for the US.
What you'll see immediately is a lot of Chinese and Russian missiles, UAVs and other weapons show up in the ME, increase of US war casualties in the ME, and of course, unstoppable run-offs of US war debts. Now, you can almost palpate the death of the dollar, if the US doesn't back off.
Pentagon: Iran's Gen. Soleimani killed in airstrike at Baghdad airport
US to deploy 3,500 new troops to Middle East
— as it happened Iran has threatened to retaliate after a US air strike killed Qassem Soleimani, the head of the Iranian Revolutionary Guards’ overseas forces.
The flare up in tensions has cascaded into asset markets, sending oil prices and haven assets rallying.
Iran’s top military leader killed in US air strike Soleimani assassination risks all-out war between US and Iran
Oil and haven assets jump on sharp escalation in US-Iran tensions
Qassem Soleimani, Iranian military commander, 1957-2020