America has started attacking Iranian Oil Tankers. How likely will the market continue writing off the conflict, despite recent escalation?

[https://www.axios.com/2026/09/02/iran-tankers-hormuz-attacks-oil](https://www.axios.com/2026/09/02/iran-tankers-hormuz-attacks-oil) America attacked 2 Iranian oil tankers today, which is a pretty big turn of events. For months, it has only enforced the naval blockade and has avoided outright attacking Iran's energy related assets to prevent escalation. But the article above confirms that the potus has now approved a 'tanker for tanker' policy. The conflict has led to an incredibly fast surge in oil prices ($90+) and interest rates (10Y at 4.8%), but even with today's drop, the market is not far from all time highs. The S&P is roughly only 2% away. Is there a reason the market is so complacent? For context, when America and Iran first went to war in March, markets dropped over 10%. So with the renewal of the war and both oil and treasury yields surging to new highs, why is the market so apathetic this time around?