Trader logo

Hundreds of people have been killed in Israel after Hamas launched attacks.

Israel declares war after sustained Hamas attack, Oil prices goes up.

By Aron MaliPublished 5 months ago 4 min read
Like
Hundreds of people have been killed in Israel after Hamas launched attacks.
Photo by Duncan Kidd on Unsplash

Thousands of reservists have been called up for what people here expect is the start of a long and bloody war. Every indication is that Israel is preparing for what would be at once a large-scale ground defensive into Gaza and one of the most complex hostage rescue operations the world has ever seen.

After blasting their way through the Gaza border fence, fighters from Hamas and Islamic Jihad swept into Israeli towns kidnapping whole families and marching them barefoot through their own neighborhoods. This Woman's screaming for help as she's dragged away into Gaza her boyfriend hands behind his back helpless to save her, her family identifying her as Noah Aramani a 25-year-old student who'd been at a dance party.

This video later showing her inside Gaza apparently uninjured, unlike this woman bloodied zip tied and terrified struggling as she's forced into the back of a captured Israeli military Jeep. The exact number of Israeli hostages still unknown but overnight Israel's military began to release names of more than 25 soldiers killed.

President Biden voiced his support and warned Israel's enemies not to escalate this: “It is not a moment for any party hostile to Israel to exploit these attacks to seek Advantage.” But this morning mortar fire from militants in Lebanon aligned with Hamas Israel striking back with drones, raising fears that this war could soon spread to multiple fronts. Meanwhile, more waves of relentless rock fire from Gaza continue, while inside the strip hospitals overflowing with the dead and wounded.

Israel's military ordered Palestinian civilians to evacuate specific areas but in densely populated Gaza, home to 2 million people there's nowhere for families to run and if Israeli forces enter on the grounds the already massive loss of life may be only the beginning. As well as that rocket fire from Lebanon, Egyptian foreign Ministry is confirming this morning, two Israeli tourists were murdered today in the Egyptian city of Alexandria, a sign that the violence which started here in the Holy lands may not be staying here.

EU foreign ministers will hold an urgent meeting to address the ongoing conflict between Israel and Hamas.

Josep Borrell, the main diplomat of the European Union, announced on Monday that he will be organizing an urgent gathering of EU foreign ministers on Tuesday to discuss and tackle the current state of affairs in Israel and the surrounding region.

Borrell is presently in Muscat, Oman, to jointly preside over the 27th gathering of the EU-Gulf Cooperation Council and reassert the European Union's resolute dedication to a strategic alliance with the Gulf, as stated by the EU. In an official statement on Sunday representing the EU, Borrell conveyed support for Israel and denounced the unexpected assaults perpetrated against it on Saturday by the Palestinian extremist organization, Hamas.

At that time, he expressed the EU's demand for an immediate halt to these mindless assaults and aggression. Such actions will only escalate tensions on the field and greatly undermine the Palestinian population's hopes for peace.

Oil prices surge by 4% following the recent Hamas attack on Israel.

Oil prices surged over 4% on Monday as the ongoing Israel-Hamas conflict entered its third day, following a surprise assault on Israel by Palestinian militants Hamas. The international benchmark for oil, Brent, closed 4.2% higher at $88.15 per barrel, while the U.S. West Texas Intermediate rose by 4.3% to $86.38 per barrel. During the early hours of Saturday, amidst a major Jewish holiday, Hamas, a Palestinian militant group, launched a coordinated attack on Israel, utilizing various means of infiltration including land, sea, and air, employing paragliders. This assault occurred shortly after thousands of rockets were fired from Gaza into Israel. As of the time of this report, NBC News has reported that at least 700 Israelis have lost their lives, while the Palestinian Health Ministry has recorded 313 fatalities.

Analysts predict that the recent surge in crude prices will likely be a knee-jerk reaction and only temporary. Vivek Dhar, Commonwealth Bank's director of mining and energy commodities research, stated that in order for this conflict to have a long-lasting and significant impact on oil markets, there needs to be a sustained reduction in oil supply or transport. Without this sustained reduction, the positive reaction in oil prices tends to be short-lived and easily overshadowed by other market forces, as history has shown. Dhar made these observations in a daily note. Dhar also noted that the conflict does not directly threaten any major oil supply sources. Neither side involved in the conflict is a major player in the oil industry. Israel, for instance, has two oil refineries with a combined capacity of nearly 300,000 barrels per day. However, according to the U.S. Energy Information Administration, the country has virtually no crude oil and condensate production. Similarly, data from the EIA shows that the Palestinian territories do not produce any oil. Nevertheless, the conflict is situated at the doorstep of a crucial oil-producing and exporting region, which is significant for global consumers.

advicestocksinvestinghistoryeconomyCONTENT WARNINGThought Leaders
Like

About the Creator

Aron Mali

Reader insights

Be the first to share your insights about this piece.

How does it work?

Add your insights

Comments

There are no comments for this story

Be the first to respond and start the conversation.

Sign in to comment

    Find us on social media

    Miscellaneous links

    • Explore
    • Contact
    • Privacy Policy
    • Terms of Use
    • Support

    © 2024 Creatd, Inc. All Rights Reserved.