The fact described in the text is that hopes are fading that Iranian President Ebrahim Raisi and his foreign minister have survived a helicopter crash in mountainous terrain and icy weather, as search teams located the wreckage and all passengers are feared dead.
A shortage of banknotes in Gaza is causing chaos, with only a few ATMs operational in the southern city of Rafah. Residents are facing long waits and sometimes paying fees to access cash, as armed gangs exploit the situation. The conflict has led to a lack of liquidity in the enclave, with hundreds of millions of shekels stuck in bank vaults. Essential goods remain scarce, and some merchants are profiteering from the shortage by charging high commissions. Gaza’s economy relies heavily on Israel, which has blocked cash imports since the start of the war.
Thousands of Israelis protested, demanding Prime Minister Benjamin Netanyahu accept a ceasefire agreement with Hamas to bring back remaining Israeli hostages from Gaza. Families of hostages are desperate for their return, with some still missing since a Hamas attack in October. The protests come as international pressure mounts to end the seven-month war in Gaza. Netanyahu’s government is determined to continue the war until all hostages are returned, despite efforts for a ceasefire.
Oil prices fell to a three-week low on Thursday, extending losses on hopes of easing tensions in the Middle East and a bleaker demand picture.
Israeli tanks re-entered parts of northern Gaza and carried out air strikes on Rafah, killing and injuring several people. Tanks surrounded schools where displaced families were seeking refuge, ordering evacuations and detaining men. The Israeli military continued operations in central Gaza, targeting gunmen and destroying terrorist infrastructure. Israel is still imposing restrictions on humanitarian aid to Gaza, despite some claims of increased aid flows. The Palestinian health ministry reported over 33,000 Palestinians killed by Israeli fire since October.
President Joe Biden warned Prime Minister Benjamin Netanyahu that the U.S. would not participate in a counter-offensive against Iran if Israel decides to retaliate for a mass drone and missile attack on Israeli territory overnight. The threat of open warfare between the two countries has caused global powers and Arab nations to urge restraint to avoid further escalation. The U.S. will continue to help Israel defend itself but does not want war, according to the White House’s top national security spokesperson. Iran launched the attack in response to a suspected Israeli strike on its consulate in Syria, causing only modest damage in Israel as most missiles were shot down with the help of the U.S., Britain, and Jordan. Israel is not planning an immediate retaliation and is seeking to build a regional coalition to address the threat posed by Iran.
Israel is increasing aid flow into Gaza in response to international pressure, but the amount is still disputed. The United Nations states that the aid is much less than what is needed to meet humanitarian needs. Israel reported 419 trucks entering Gaza on Monday, while the Red Crescent and the United Nations reported lower figures due to Israeli inspection rules. The devastated Palestinian enclave is facing famine and disease, with most inhabitants homeless. Aid agencies criticize Israel for not ensuring enough access for humanitarian supplies. Israel denies hindering aid and blames the United Nations for delays. The international community, including the United States and France, is pressuring Israel to increase aid access. Israel has agreed to open crossings for aid supplies but distribution inside Gaza remains a challenge. UNRWA reports that only 223 trucks entered Gaza on Monday, less than half of what is required daily. Distribution problems persist inside Gaza, with food convoys to the north facing more restrictions than other humanitarian aid. Israel’s military has not responded to accusations of restricting aid convoys inside Gaza.
Silver is trading at a two-year high near .00 per ounce, driven by heightened consumer and industrial demand as well as central banks increasing their reserves in gold. US Treasury yields have corrected after two days of gains, with the 2-year and 10-year yields standing at 4.78% and 4.39%, respectively. Traders are eagerly awaiting the release of the US Consumer Price Index data scheduled for Wednesday, with expectations of an acceleration in the headline CPI and a cooling down in the core measure. Geopolitical tensions in the Middle East have eased, with peace talks between Israel and Hamas resuming in Egypt. Traders will focus on the upcoming US inflation data and the release of FOMC minutes this week to gain more clarity on the timing of the Fed’s monetary policy adjustments.
Israel’s Prime Minister Benjamin Netanyahu stated that Israel will not agree to a ceasefire until the hostages held in Gaza are released. Netanyahu made these comments at a cabinet meeting, as new truce talks in Egypt are set to start. Israel refuses to give in to demands from Hamas, who initiated the war with an attack on southern Israel on October 7.
Israel approved the reopening of the Erez crossing into northern Gaza and the temporary use of Ashdod port in southern Israel following U.S. demands to increase humanitarian aid supplies into Gaza. The decision was made after U.S. President Joe Biden demanded specific steps to alleviate the humanitarian crisis in Gaza and warned of potential conditions on U.S. aid if Israel did not respond. Israel also faced pressure after the killing of seven aid workers in an Israeli strike triggered global outrage. The move was welcomed by U.S. Secretary of State Antony Blinken, who emphasized the need to see results on the ground in Gaza. UNRWA urged Israel to do more to prevent famine in Gaza, while a senior Hamas official expressed concerns about potential delays in the implementation of aid. Israel has faced international pressure to assist civilians in Gaza and has previously blamed distribution problems on international agencies inside Gaza.