Kuala Lampur, April 23 -- There is something deeply surreal about a stock market that rallies while one of the world's most strategic waterways remains under stress.

On April 23, 2026, the S&P 500 and Nasdaq hovered near record highs even as oil prices stayed elevated and the war linked to Iran and the Strait of Hormuz remained unresolved. CNN reported that both indices have surged sharply since late March, with gains continuing even after the war began.

This is not just resilience. It is a market pricing in peace before peace exists.

That is precisely why the rally is dangerous.

When markets recover too quickly during a war, they create the illusion that the underlying strategic problem is already under control.

In reality, the Stra...