Gulf stocks surged along with global markets and oil fell below $100 a barrel as investors digested the news of the two-week ceasefire. Dubai’s benchmark index rose more than 6% as real estate stocks rebounded and Abu Dhabi’s was up around 3% on Wednesday, although both markets are still lower than before the war started. Other regional bourses jumped on optimism about an end to Iranian attacks on the region that have caused significant damage to infrastructure and disruption to business activity.

Saudi Arabia’s main index is the one regional exchange that has posted gains since the conflict began and was up a further 1.8% on Wednesday. The kingdom has not suffered the same level of disruptions from Iranian attacks as its neighbors and has used its Red Sea ports to boost its role in regional supply chains disrupted by the closure of the Strait of Hormuz.

As of early afternoon Gulf time on Wednesday, there were no signs of more traffic heading for the strait and large shipping companies remained cautious. The ceasefire is also a positive for airlines and all the other sectors damaged by the war but, even if it holds, a full recovery could take months, if not years.