Oil prices have hit their lowest in two weeks after Israel agreed to US President Donald Trump's proposal for a ceasefire with Iran.
But business leaders at a key economic meeting in the northern Chinese port city of Tianjin find themselves troubled by the state of the global economy, and the prospect for meaningful growth.
The rapid escalation of the conflict between Iran and Israel - which has now pulled in the United States - temporarily replaced trade, tariffs and inflation at the top of a long list of concerns with far-reaching consequences.
"It is the most complex geopolitical and geo-economic backdrop we've seen in decades," Borge Brende, president and chief executive of the World Economic Forum (WEF), said ahead of the summit, dubbed the "Summer Davos".
"If we are not able to revive growth again, we can unfortunately see a decade of lower growth."
