Once again, the world's financial markets have chosen hope over history, rallying on news of US-Iran ceasefire talks even as the physical arteries of global energy trade remain nearly sealed shut. The Strait of Hormuz and the Red Sea's Bab el-Mandeb passage sit in a state of profound disruption, indifferent to diplomatic optimism, while the nuclear questions that ignited this crisis remain entirely unresolved. Markets have performed this same ritual before — just weeks ago, in fact — and that agreement dissolved without consequence or progress. The human appetite for relief is understandable,