Update on Israel War – Oil Prices on Rise

Update on Israel War – Oil Prices on Rise

ACY Securities logo picture.ACY Securities - Luca Santos
Oct 9, 2023

Palestinian militants launched an "unprecedented" infiltration attack against Israel on Saturday morning, the largest in years. They sent fighters from Gaza to the border, fired thousands of missiles, and killed dozens of Israelis. In response, Prime Minister Benjamin Netanyahu ordered the mobilization of reservists and declared, "We are at war!"

Every hour brings even more incredible and shocking images of Israeli soldiers and civilians killed. The Times of Israel ( https://www.timesofisrael.com/liveblog-october-7-2023/ ) reports that over 200 Israelis have been killed and at least 1,000 injured. The death toll is also rising into the hundreds on the Gaza side as Israel retaliates.

In some cases, there are what appear to be Israeli mothers playing soccer and their families being escorted barefoot across the border.

Below are the latest highlights of the rapidly evolving situation:

  • The militant group Hamas unleashed a sustained barrage of over 5,000 rockets in a coordinated attack by land, sea, and air. According to The New York Times, the Hamas attack from Gaza into southern Israel had few precedents in its complexity and scale, reaching multiple Israeli cities and firing thousands of rockets as far as Jerusalem.
  • Israeli military officials stated that at least 2,200 rockets had been fired into Israel by 11 a.m. on Saturday, and armed individuals crossed the border fence at various locations along Israel's perimeter with Gaza, a coastal enclave that has been under blockade by Israel and neighbouring Egypt for 16 years.
  • In addition to land incursions, militants also entered Israel by sea and air, according to Israeli military officials. By late morning, at least 22 Israelis had been killed in the surprise attacks from Gaza, and hundreds more were injured, according to Israel's main ambulance service. Israel responded with massive attacks on Gaza cities, resulting in the reported death of at least one Palestinian.
  • Palestinian militants infiltrated at least seven Israeli communities and military bases this morning, according to Israeli military spokesperson Lieutenant Colonel Richard Hecht. He stated that the militants reached the city of Sderot; the small towns of Kfar Azza, Nahal Oz, Magen, Beeri; the military bases of Reim and Zikim, near their respective towns; and the militarized border checkpoint at Erez. Combat was ongoing in or near at least three of these locations, he added.
  • Israeli Prime Minister Benjamin Netanyahu declared that his country was now "at war" and convened the heads of security forces, instructing them to first clear all Israeli villages of Palestinian militants who had entered from Gaza.

The attack carried out by the Hamas group in the Gaza Strip is considered unprecedented against Israel.

At least 561 injured individuals were being treated in Israeli hospitals, including at least 77 in critical condition, according to an Associated Press count based on public statements and calls to hospitals.

There have been no official comments on casualties in Gaza, but Associated Press reporters said they witnessed the funerals of 15 people who were killed and saw another eight bodies arrive at a local hospital. It was not immediately clear whether they were combatants or civilians.

As reported by the AP, social media was filled with videos of Hamas fighters parading through the streets in what appeared to be stolen Israeli military vehicles, and at least one Israeli soldier killed in Gaza was seen being dragged and stomped on by an angry crowd of Palestinians shouting "Allahu Akbar."

In a high-level security meeting on Saturday, Netanyahu stated that the priority was to "clear the area" of enemy infiltrators, then "extract a heavy price from the enemy" and fortify other areas to prevent any other militant groups from joining the war.

The serious incursion on Simchat Torah, a typically joyful day when Jews complete the annual reading cycle of the Torah scroll, revived painful memories of the 1973 Middle East war, nearly 50 years ago, when Israel's enemies launched a surprise attack on Yom Kippur, the holiest day in the Jewish calendar.

Comparisons with one of Israel's most traumatic moments in history sharpened criticism of Netanyahu and his far-right allies, who campaigned for more aggressive actions against Gaza threats. Political commentators criticized the government for failing to anticipate what appeared to be a Hamas attack, invisible in its level of planning and coordination.

It was not immediately clear what prompted Hamas to launch the attacks, which likely required months of planning. However, over the past year, Israel's far-right government intensified settlement construction in the occupied West Bank, Israeli settler violence displaced hundreds of Palestinians, and tensions escalated around a holy site in Jerusalem.

The shadowy leader of Hamas's military wing, Mohammed Deif, announced the start of what he called "Operation Storm of Al-Aqsa." The Al-Aqsa Mosque complex in Jerusalem is the third holiest site in Islam and is located at the holiest site for Jews, referred to as the Temple Mount.

This content may have been written by a third party. ACY makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by any third-party. This content is information only, and does not constitute financial, investment or other advice on which you can rely.




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