ongoing developments of the Israel-Hamas conflict, the death toll continues to rise in Israel, the Gaza Strip, and the West Bank. After a weekend of intense strikes by the Palestinian militant group Hamas, Israel has responded with retaliatory airstrikes and a complete siege of the Gaza Strip, disrupting vital supplies including water, fuel, electricity, and food.
Israeli Minister of Energy and Infrastructure, Israel Katz, made a firm statement on Thursday, asserting that the siege on Gaza will remain in place until the hostages held by Hamas are safely returned.
Adding to the diplomatic front, U.S. Secretary of State Antony Blinken arrived in Tel Aviv, Israel on Thursday. Concurrently, Palestine Liberation Organization Secretary-General Hussein al-Sheikh stated that Blinken is set to meet with President Mahmoud Abbas of the Palestinian Authority on Friday.
The U.S. has condemned the Hamas attacks and had earlier proposed the creation of a humanitarian corridor for civilians within the Gaza Strip.
Iran’s Involvement in the Conflict
Iran’s Foreign Minister, Hossein Amirabdullahian, has embarked on a Middle East tour, with Lebanon being a significant stop. This tour is in response to the unfolding events in Palestine, according to Iranian Ambassador to Lebanon, Mojtaba Amani. The details of Amirabdullahian’s agenda were not disclosed.
Historically, Iran has supported Lebanese militant group Hezbollah, which has engaged in hostilities with Israel, citing retaliation for the Palestinian cause. The recent escalation began when Hamas, the Palestinian militant group, launched a substantial offensive against Israel over the weekend. This prompted Israel to impose a siege on the Gaza Strip, reigniting tensions in the Middle East region.
Economic Concerns Amidst Conflict
International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, addressed the Israel-Hamas conflict, labeling it a “heart-breaking” situation that casts a dark shadow on the world economy. She emphasized that this conflict represents an unnecessary disturbance on the global economic horizon.
The IMF projects a slowdown in global economic growth, dropping from 3.5% in 2022 to 3% this year and further to 2.9% in 2024. Georgieva highlighted the IMF’s close monitoring of the situation, particularly its impact on oil markets. The recent terrorist offensive by Hamas and Israel’s counteractions have significantly increased tensions in the Middle East, raising concerns about the stability of crude oil production in the region.
The attacks by Hamas on Israel occurred nearly 50 years after the Arab-Israeli conflict of 1973, prompting Arab members of the Organization of the Petroleum Exporting Countries to declare an oil embargo against the U.S.