Investors are set to pour more money into defense, energy and technology stocks as the Middle East war forces governments to prioritize security and become more self reliant.

European stocks soared the most in a year as investors rushed to buy stocks in the wake of the US and Iran agreeing to a two-week ceasefire in exchange for Tehran reopening the Strait of Hormuz.

The stock market is looking past the sharp interest rate hikes priced by Europe’s bond market, risking losses for investors backing the wrong outcome.

European stocks rose Friday as oil prices slipped below $100 a barrel, following news reports of an Indian tanker’s passage from the Strait of Hormuz, a key shipping artery that’s been effectively shut amid the Iran war.