The S&P 500 has hit multiple record highs this week and fully recovered from losses it took when the Iran war started in late February—a dramatic rebound driven by hopes of a ceasefire. Oil prices and bond yields remain well above pre-war levels, reflecting ongoing geopolitical risk and inflation concerns. What's notable: stocks have recovered despite the Strait of Hormuz remaining partially disrupted, suggesting markets are pricing in an imminent resolution to the conflict rather than protracted war.