Israel-Palestine Update

By Daniel Gunawan
October 23, 2024

        On October 2, President Joe Biden made it clear he would not support an Israeli strike on Iranian nuclear sites in retaliation for Iran's missile attack on Israel. When asked if he would back such action, Biden replied, "The answer is no." This statement came after Iran launched around 180 missiles, specifically targeting military infrastructure in Israel resulting in zero civilian deaths. Biden's remarks followed a meeting with other Group of Seven (G7) leaders, discussing coordinating new sanctions against Iran. Despite his opposition to targeting Tehran's nuclear facilities, Biden reiterated the United States' "full solidarity and support to Israel and its people.”

The Group of Seven (G7) is an intergovernmental political and economic assembly consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States also held an urgent phone conference to address escalating tensions in the Middle East. In a statement from Italian Prime Minister Giorgia Meloni’s office, the leaders expressed a “firm condemnation of the Iranian attack against Israel.” They also emphasized that a diplomatic solution remains possible. Italy, which currently holds the rotating presidency of the G7, led the conference as the group of industrialized democracies discussed the next steps in response to the crisis.

As a result, oil prices have risen as the world awaits Israel's response to Iran’s recent missile attack. Brent crude prices briefly surpassed $76 before settling at $74.04 per barrel, marking a 0.7% increase from the previous day. Meanwhile, U.S. benchmark crude, which has been generally declining since spring, has increased nearly 3% this week. Although Israel is not a significant oil producer, Iran is, and an escalating conflict could impact neighboring countries that play key roles in global oil supply chains, potentially affecting the flow of crude oil.

Sources:

https://apnews.com/hub/israel-hamas-war 

https://www.g7italy.it/en/conference-call-of-the-g7-leaders-on-the-crisis-in-the-middle-east/