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3. World Bank Calls for Stronger Economies as US-Iran Ceasefire Fragile, Oil Rises

The World Bank on Thursday called on countries in the Middle East and North Africa to strengthen economic resilience and governance in the wake of ongoing regional crises.

“The current crisis is a stark reminder of the work ahead for the region: not only to weather shocks but also to rebuild more resilient economies with stronger macroeconomic fundamentals, innovate and improve governance, invest in infrastructure, and boost employment-creating sectors,” said Ousmane Dione, the World Bank’s vice president for the region, in a statement.

“Peace and stability are preconditions for the region’s durable development. With peace and the right action, countries can build the institutions, capabilities, and competitive sectors that create opportunities for people,” he added.

Roberta Gatti, World Bank Group chief economist for the Middle East, North Africa, Afghanistan, and Pakistan, emphasized the need to maintain a long-term perspective. “As countries face the heavy toll of the present conflict, it is important to also not lose sight of the work needed for long-lasting peace and prosperity,” she said.

Oil Rises Again

Oil prices rose above $97 a barrel Thursday, while Asian stock markets retreated as investors weighed the fragility of a two-week ceasefire between the United States and Iran.

Concerns intensified after a series of deadly Israeli airstrikes in Lebanon left hundreds dead or injured, prompting Iran to again close the Strait of Hormuz, a key energy chokepoint, Reuters reported. The temporary halt in shipping through the strait has added to uncertainty over global oil supplies

U.S. futures declined slightly, by more than 0.1%, reflecting caution in the wake of renewed Middle East tensions.

Oil markets reversed earlier losses on Thursday following initial optimism over the ceasefire. Brent crude, the international benchmark, rose 2.4% to $97.02 a barrel after briefly dipping below $92. U.S. benchmark crude gained 3.3% to $97.50 a barrel.

Gold Holds Steady 

Gold prices were largely unchanged on Thursday as investors weighed the fragile two-week ceasefire between the United States and Iran, with a key U.S. The inflation report later in the day is expected to provide clues on the future path of interest rates.

Spot gold traded near $4,715.45 per ounce as of 0716 GMT, while U.S. gold futures for June delivery fell 0.8% to $4,739.40.

“It doesn't seem like gold is looking to do much at this moment. I think there's still a lot of speculation on what's going to happen after the ceasefire,” said Brian Lan, managing director of GoldSilver Central. He added that gold is likely to consolidate in a range between $4,607 and $4,860 in the near term.

The market’s caution comes amid heightened geopolitical tensions. U.S. President Donald Trump vowed to maintain military assets in the Middle East until a peace agreement with Iran is secured and warned of a potential major escalation if the truce fails, Reuters reported.