Capital flight away from government debt offerings could also be happening:

https://www.ft.com/content/2e0185d1-3229-463c-8391-6dd09fe11...

Then the causal chain is War in Iran -> Oil Price increase -> Inflation & Fed Rate fears -> Treasury sell-off. Geopolitical risk creates inflation shock, and if bonds sell off on war news, their utility as a portfolio hedge weakens, and capital holders start looking for new assets (stocks and property). Also, the exodus from bonds first results in a pile of sidelined capital whose eventual rotation into stocks and property and gold leads to more market instability down the road.

Also, Russian and Iranian windfall oil profits are up along with those of Exxon, Chevron, Shell etc., the arms producers like Lockheed are booming, and for some reason, ‘prediction markets’ (gambling interests) also:

https://vestedfinance.com/blog/us-stocks/who-made-money-from...