The Strait of Hormuz remains closed, yet oil prices are still far below historical highs, and the US stock market has not panicked. Why is the market so stable?

Analysis suggests that high crude oil inventories, a decreasing reliance on oil in the global economy, and Wall Street's expectations of a "short-term conflict" have collectively suppressed oil prices; the traditional safe-haven logic in the U.S. stock market has unexpectedly failed, with defensive sectors suffering heavy losses due to crowded trading and structural headwinds, while tech stocks and domestic companies with no exposure to crude oil have become a safe haven for funds. However, analysts warn that the current stable asset pricing is extremely fragile, and if the conflict prolongs or core facilities are attacked, the market's optimistic expectations may be violently reassessed