Everyone's positioned for more war. What rips if it's peace instead?

Most of the positioning I see right now assumes Middle East tension stays elevated indefinitely. Defense names ripping, oil with a permanent geopolitical premium baked in, shipping rerouted around Hormuz. Fine as a base case, but it's a crowded trade and one serious diplomatic breakthrough resets a lot of risk premium overnight. So I've been trying to flip the question. If a ceasefire or any kind of formal de-escalation actually gets signed between the US and Iran, which stocks rip the hardest?