Here’s what the stock market might have gotten wrong about the Iran war

The surge in optimism contrasts starkly with continued energy supply challenges that threaten long-lasting economic harm — and a market reckoning.

As stocks soared this week and oil prices dropped amid an apparent cooling of tensions between the United States and Iran, it may have left the impression that the energy shock that rattled the world would quickly fade, along with the risk of sending the global economy into recession.