Israel-Hamas War, Day 20: IDF Tanks Conduct Tactical Raids In Northern Gaza As Ground Offensive Looms; Erdogan Criticizes Israel

As the Israel-Hamas conflict enters its twentieth day, here are the latest updates unfolding in the protracted and devastating war:

• Benjamin Netanyahu, the prime minister of Israel, has officially stated that Israel is in the process of preparing for a potential ground operation in Gaza. This announcement came during a televised address to the nation, following nearly three weeks of continuous airstrikes along the coastal strip.

• The Israeli military said it carried out an overnight mission employing tanks in northern Gaza with the goal of improving conditions for future ground maneuvers.
  
• The Israel Defence Forces (IDF) said it deployed tanks and infantry units to target various terrorist cells, infrastructure and locations used for launching anti-tank missiles in the northern Gaza region. Israeli soldiers have now returned to Israeli territory.

• According to an analysis conducted by CNN’s senior international correspondent Sam Kiley, Israel’s Western allies have reportedly cautioned Israel against the potential risk of entering into a trap in Gaza. This concern arises as Hamas and its supporters may have intentions to escalate the conflict further.
  
• According to the Times of Israel, Turkish President Recep Tayyip Erdogan engaged in a discussion with Pope Francis concerning the Israeli-Hamas conflict. He characterized Israel’s strikes on Gaza as having escalated to the level of a massacre and strongly criticized the international community for remaining silent on the matter. Erdogan also reportedly expressed his discontent with the European Union’s failure to call for a ceasefire in Gaza. He accused Western nations of displaying indifference to the plight of Muslims, raising the question of how many more innocent children must lose their lives before the EU Commission and the United Nations Security Council take decisive action.
  
• According to Al Jazeera, a significant number of Iraqi demonstrators, protesting against Israel’s military operations in Gaza, have taken action to obstruct the passage of oil tanker trucks en route to Jordan to prevent Iraqi oil from being exported to nations that have established peace agreements with Israel.
  
• The United Nations Relief and Works Agency for Palestine Refugees announced Wednesday on X it will be forced to cease its humanitarian assistance efforts within a 24-hour period unless a supply of fuel is promptly delivered.

Market Reactions

Minutes before the opening bell in New York, futures tied to the S&P 500 Index indicated a 0.2% decrease, while contracts linked to the Nasdaq 100 showed a flat start to the day.

The value of the U.S. dollar, as measured by the Invesco DB USD Index Bullish Fund ETF UUP, experienced a slight uptick of 0.2%. This uptrend was supported by a third-quarter U.S. GDP growth rate that surpassed expectations. Bond yields remained steady and showed no significant fluctuations.

Oil tumbled with the WTI benchmark falling 2.3%. Gold as tracked by the SPDR Gold Trust GLD fell 0.2% after briefly hitting $1,990/oz

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