Crude oil prices have risen to this level, and the market is no longer just worried about short-term conflicts but is beginning to reprice long-term risks.

Once the Strait of Hormuz cannot be restored quickly, the pressure on risk assets will not end immediately.
Even if the situation eases later, rebuilding insurance, transportation, and expectations will take time.
What is currently weighing on the market is not just the war itself, but the fact that no one knows how long these risks will last.