The Market Hit All-Time Highs During a War. That Should Make You Nervous.
When the United States and Israel struck Iran on February 28, 2026, following weeks of military buildup, the S&P 500 dropped roughly 8%. Oil spiked from $72 a barrel toward $120. The Strait of Hormuz, the narrow waterway through which 20% of the world’s oil supply flows, closed. By any measure, the world had just…