U.S. Secretary of State Antony Blinken is urging a halt to hostilities in Gaza and Lebanon, stressing the need for diplomatic solutions as Israel continues its military offensive.
In a meeting with Saudi Crown Prince Mohammed bin Salman, Blinken emphasized the urgency of ending the war and alleviating the humanitarian crisis in Gaza. Both leaders also delved into the importance of seizing the current moment to push for a broader peace initiative, not only in Gaza but also in Lebanon, where the conflict is intensifying.
On Wednesday, Israel made airstrikes the historic port city of Tyre in Lebanon, an ancient city with over 5,000 years of history and a UNESCO World Heritage Site, further escalating tensions in the region.
Israeli airstrikes across Gaza have claimed 42 lives in the past 24 hours, as reported to Reuters, with Israeli forces intensifying a siege of northern Gaza. Hospitals and refugee shelters have been surrounded, and residents are being urged to evacuate southward.
Blinken's message signals a strong U.S. plea for a peace effort, with just weeks left before the U.S. presidential election on Nov. 5.
U.S. Defense Secretary Lloyd Austin raised serious concerns about the long-term consequences of Israel's military operations in Gaza, cautioning that a lack of precision in strikes and insufficient protection of civilians could have far-reaching effects.
Speaking from Rome, Austin underscored the importance of minimizing civilian casualties, suggesting the failure to do so could create a generational shift in attitudes among Palestinians, ultimately fueling greater resistance to Israel.
Israeli Defense Minister Reiterates Readiness To Attack Iran
Israeli Defense Minister Yoav Gallant made strong statements Wednesday regarding Israel’s preparedness against Iranian aggression.
In a speech to Israeli Air Force personnel at Hatzerim Air Base, Gallant referenced Israel's potential retaliatory strikes against Iran following Tehran’s missile attack on Oct. 1.
“After we strike Iran, everyone will understand your strength, the preparation and training process—every enemy that tries to harm the State of Israel will pay a heavy price.”
Lebanon's Economy On Brink of Collapse
Lebanon's fragile economy is facing another potential catastrophe as the conflict with Israel intensifies.
The United Nations Development Programme (UNDP) warned that Lebanon's gross domestic product could shrink by 9.2% in 2024 if the war continues.
This forecast comes after years of financial crisis that have already crippled the Lebanese economy.
“The conflict presents profound short-term economic implications, including significant contraction in key sectors, such as tourism, agriculture, manufacturing, trade, and other services. The unemployment rate may increase to a staggering 32.6 percent by the end of the year,” increasing poverty and vulnerabilities among the Lebanese population, the UNDP added.
IDF Exposes Alleged Terrorist Links Of Al Jazeera Journalists
The Israeli Defense Forces said it has intelligence documents purportedly linking six Al Jazeera journalists in Gaza to Hamas and Islamic Jihad. The IDF said personnel lists, salary documents and records of terrorist training courses involve the journalists.
"These documents serve as proof of the integration of Hamas terrorists within the Qatari Al Jazeera media network,” the IDF said in a post on X, alleging the reporters are using their media roles to promote Hamas propaganda.
Market Reactions
Recent developments in the Middle East had minimal impact on global financial markets, with Wall Street’s decline on Wednesday driven primarily by growing uncertainty surrounding future U.S. economic policies as the election approaches.
Israeli stocks, as represented by the VanEck Israel ETF ISRA, dropped 0.8%, showing relative resilience compared to the broader U.S. market, where the SPDR S&P 500 ETF SPY fell 1.1%.
Oil prices, tracked by the United States Oil Fund USO, declined 1%, breaking a two-day streak of gains.
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