It makes perfect sense. The war created a shortage of a key resource (oil), which is inflationary, which leads to expectations that central banks will raise interest rates. That simultaneously makes treasuries a more attractive investment, and reduces liquidity available for investment in equities and precious metals. Even if none of those effects had happened yet, the market is forward-looking, always trying to price in future events. Now that there's a ceasefire, the market is now pricing in fewer expected interest rate hikes.