Stocks Rip Higher on Iran Pause; Oil Shock and Rate Jitters Don’t Go Away

A five‑day pause in planned U.S. strikes on Iranian energy facilities flipped markets from fear to relief: stocks jumped more than 1%, oil and Treasury yields slipped, and beaten‑up cyclicals and small caps led. Under the surface, though, indexes are still in a downtrend, volatility is elevated, and the oil‑driven inflation story that pushed rate‑cut hopes out of 2026 is very much alive. Treat this as a fragile relief rally, not proof the storm is over.