The past three weeks have established a clear pattern: every headline involving the Strait of Hormuz — through which the U.S. Energy Information Administration estimates roughly 20–21 million barrels of oil flow daily — moves both crude futures and domestic equity benchmarks with unusual immediacy. WTI swung from near $114 at the conflict's peak (April 2) to a multi-day decline ahead of hoped-for ceasefire progress, then snapped back 2.81% in a single session to $92.13 on April 21 when deal optimism faded. Brent's parallel move to $98.48 per barrel that same day signals that global physical markets, not just U.S. futures, are pricing in a sustained disruption risk. For equity investors, this has two actionable implications. First, the energy sector's earnings sensitivity to oil prices means every $10-per-barrel move in WTI translates to meaningful revision risk in E&P free-cash-flow estimates — models anchored to $75–80 WTI are increasingly stale. Second, the Nasdaq's ability to hit a fresh all-time high even as WTI sits near $92 suggests the market is treating the conflict as a temporary, containable shock rather than a regime change — but that assumption is being stress-tested daily. Investors with unhedged energy exposure should note that the SPX Apr 22 weekly 6190-strike put (SPXW260422P06190000) was last quoted at just $0.10 as of April 17, reflecting the market's current low probability assignment to a sharp near-term index breakdown — a pricing signal worth monitoring as ceasefire talks evolve and earnings season adds a second volatility catalyst this week.