Published On: October 17th, 2023
The ongoing Israel Hamas war has been going on in the heart of the Middle East for a long time. This conflict is between Israel and the Islamic Resistance Movement, also known as Hamas. The comprehensive article below covers the causes of the conflict, its historical context, the current state and global consequences.
On October 7th, the Palestinian militant group Hamas initiated an unusual attack on Israel by infiltrating communities near the Gaza Strip. The outcome was more than 1400 deaths and many more hostage cases. Israel launched retaliatory airstrikes, causing about 2,700 deaths and injuries across the Gaza Strip. There is also concern about a possible land assault shortly.
Figure 1: Map showcasing Israel-Palestine conflict.
What is Hamas and what does it demand?
The Palestinian militant organisation Hamas has ruled over the Gaza Strip since 2007. The group publically advocates for the destruction of Israel to establish an Islamic state instead.
Over the years, Hamas has engaged in several conflicts with Israel since coming into power. They have launched thousands of rockets at Israel themselves or permitted other militant groups to do so, along with carrying out other deadly attacks.
Since it came into power many years ago, Hamas engaged in war conflicts with Israel. Many rockets were launched against Israel alone or led other radical groups to carry out lethal attacks.
These acts have attracted several airstrikes and two operations with the deployment by Israel of soldiers inside Gaza to confront Hamas. Moreover, since 2007, Israel has imposed a blockade on the Gaza Strip with its ally – Egypt, stating that it is done for security as the main reason.
Causes of the Conflict: Reason behind Israel and Palestine War 2023
1. The historical background of the Israel Hamas war.
This conflict goes back to the late 1940s when the State of Israel was created. These Palestinian Arabs subsequently emerged. The tension continues concerning lands, borders and sovereignty as its primary driving force.
2. Israel and Hamas war reason: The New Causes of Recent Conflict in 2023.
The latest Israel and Hamas war that began in 2023 touched on several issues including tensions in East Jerusalem, clashes centred at the Al-Aqsa Mosques and rocket attacks from Gaza. This escalated into an armed conflict eventually.
Current Status
1. Latest updates on Israel Hamas War.
After many brutal weeks of fierce fighting, both political parties of Israel have finally decided to agree on a truce as of today. However, the situation remains fragile, and the fundamentals underlying this war are not being dealt with yet. This calls for a permanent peace agreement being pushed by the international community.
2. Humanitarian Crisis in Gaza
The conflict has caused a serious humanitarian disaster in Gaza. Many lives were lost, and several infrastructures were destroyed. The other challenge is rebuilding and addressing the needs of those affected.
Figure 2: Evacuation area in Gaza Strip during Israel Hamas war 2023.
Global impact
Israel faced the largest loss since 2020 as its TA-35 index fell by 6.47%. In an announcement by the Bank of Israel, it was mentioned they would sell up to $30 billion worth of foreign reserves to support. They also claimed to provide $15 billion in liquidity to the market. This sale is known to be the first-ever sale of foreign exchange by the Israeli Central Bank.
1. Impact on the Commodity Prices
Indeed, the Israel and Hamas war tensions may have large implications regarding commodity pricing. For instance, whenever there is a disruption in the Middle East. Previously, the conflict did affect agricultural products like olive oil and trade ways affecting the global supply chain.
2. Impact on Oil Prices
Middle East oil-producing countries produce considerable volumes of oil used worldwide. Hence, a crisis in the area has potential implications for global oil prices. The Israel and Hamas war conflict may create uncertainty in the oil market, influencing prices and supplies.
The oil price has moved above $90 per barrel since the outbreak of the Israel-Hamas war. This is forecasted to go up to $100 per barrel this quarter.
The oil prices stabilised after the ongoing conflict between Ukraine and Russia. The war involved significant oil-producing countries. If the Israel Hamas war remains localised and doesn’t escalate, it is unlikely to exert substantial upward pressure on oil prices.
Conclusion
The Israel Hamas war has long historical reasons rooted in the conflict, which is complicated and multi-faceted. To achieve a peaceful settlement, it is necessary to understand the causes and its contemporary position. In addition, it emphasises the global importance of the conflict and the need for global collaborations to cooperate in resolving the problem of commodity and oil prices.
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