US stocks hit record highs on Wednesday, a day after President Donald Trump extended a ceasefire with Iran, even as energy executives grew more worried about the conflict’s long-term ramifications.

The stock market’s animal spirits are returning, CNBC wrote, further evidence that “traders are moving past the Iran war as a major threat.”

But elsewhere, warning signs are piling up.

A US-led effort to clear mines from the Strait of Hormuz could take six months, according to Pentagon documents, and volatile energy markets are already “pushing the world towards the cliff edge,” The Economist wrote.

The pressure is so acute that the Gulf is looking to build brand new trade routes, Semafor’s Saudi Arabia bureau chief wrote.