New Delhi, March 6 -- The scale of Operation Epic Fury surprised even the military analysts who saw it coming.

Starting midmorning in Tehran on Feb. 28, U.S. and Israeli forces struck nearly 2,000 targets within 100 hours, killing Iranian leader Ayatollah Ali Khamenei and dozens of his top lieutenants. It is America's largest Middle East incursion since Operation Iraqi Freedom in 2003-and so far, the stock market back home has shrugged it off. Wall Street's favorite word for describing this is "resilience," which sounds a bit too heroic for an awkward investing truth: Sometimes world events are both deadly serious and unlikely to dent purchases of iPhones, Oreo cookies, and Nvidia chips.

Investors should contemplate this war's financial...