Stock markets in the Gulf closed higher on Thursday amid steady oil prices as a ceasefire between Israel and Iran appeared to be holding for a second day.

Oil prices tumbled by 5% on Tuesday after Israel agreed to a ceasefire with Iran after nearly two weeks of conflict. Brent crude, the international benchmark for oil prices, fell below $67 a barrel by the end of the day, though it then recovered some ground in later trading.

The fear throughout the Israel-Iran conflict is that it could squeeze the world’s supply of oil, which would pump up gas prices and hurt the global economy.