Given yesterday’s headlines, today’s market action may not be what many expected. The dollar is little changed, crude oil is pulling back and stocks are trading higher. Crude may be the biggest piece of today’s reversal. Saudi Arabia is offering additional crude to Asian buyers through Oman, providing a workaround after attacks disrupted the East-West pipeline to the Red Sea. At the same time, expectations are improving that at least part of the pipeline could return to service sooner than initially feared. That has eased some of the immediate concern over Saudi supply and pulled some of the fear premium out of crude. That does not mean the energy problem is over. Middle East supply routes remain vulnerable, and Russia and...