Record oil moving through the Strait of Hormuz suggests the worst of the Middle East scare is over, which is good news for stock investors and anyone worried about a fresh oil shock.

• A billion barrels of oil have moved through Hormuz in the last two months, running at the highest pace in six months.
• The smooth flow signals Middle East tensions are cooling rather than escalating.
• Peak fear has likely passed on several fronts at once: Iran, inflation, and the Fed raising rates.
• Tech hardware stocks look cheap after the selloff and are set up for another rally.
• Risks remain — attacks on Saudi and Russian oil infrastructure continue, and Trump is publicly angry about Ukrainian strikes on Russian energy sites.

Outlook: A packed week of Trump meetings with Xi, Zelensky, and Gulf leaders could push tensions down further, with another policy reversal seen as likely.