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Look at the graph for the M2 money supply: https://fred.stlouisfed.org/series/M2SL

Basically there's a lot of money out there floating around, especially after we pumped with COVID. It has to go somewhere, and mostly ends up in asset appreciation (stocks and real estate).

You're right though that the reality of shortages via a missing 20% supply of oil is a problem, and with all this cash floating around will eventually show itself as stagflation. That said, oil's pass-through to the broad indexes is historically weaker than it feels, so the pain will likely hit consumer purchasing power and corporate margins before it really shows up in the headline stock numbers.