The US and Iran agreed to a two-week ceasefire, offering hope for millions battered by weeks of war, as well as for global economies hammered by surging commodity prices.

The countries are to hold talks this week on cementing the truce, which each hailed as an unalloyed victory. Yet a permanent peace looks unlikely. For one, Israel said Lebanon was not part of the agreement, and maintained its offensive there.

Gulf nations, meanwhile, said on Wednesday that they were continuing to face Iranian missile attacks. And, ultimately, when it comes to tensions between Washington and Tehran — centered around Iran’s nuclear and missile program, and now its control of the strait — “the same core challenges remain,” Bloomberg noted.