Gulf financial markets continued marching upwards on Thursday, led by a nearly 1.3 % increase from benchmark stocks in the United Arab Emirates, while oil remained steady under $70 a barrel. This business as usual comes just days after the region was teetering on the edge of chaos. 

For years, the prospect of a hot war between Israel and Iran conjured fears of oil shocks and sky-high energy prices, while the possibility of a direct US-Iran clash saw doom merchants predicting that such a confrontation could ignite World War III. 

These nightmare scenarios, with their potential to inflict widespread economic pain, were put to the test this month. The result? Investors barely blinked amid the geopolitical whipsaw sparked by the 12-day Israel-Iran war, with global stocks rising toward record highs within 24 hours of US President Donald Trump announcing a ceasefire on June 23. This rebound is a sign of the times, the clearest evidence yet that conflict in the Middle East doesn't move markets like it used to. 

To be sure, there were jitters. After Israel attacked Iran on June 13, benchmark Brent crude quickly jumped 10%, and stocks wavered as investors pivoted toward safe haven assets. But the volatility was mostly contained, even as the United States prepared to escalate the fight.