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Israel Latest: Army Reserves Mobilized, Chevron Closes Gas Field

Latest Business News

Israel's Battle with Hamas: Army Reserves Called Up, Chevron Shuts Gas Field

Israel is escalating its response to the ongoing battles with Hamas, planning to call up 300,000 reserve soldiers. The death toll has surpassed 1,100, with most of the casualties being Israeli civilians. Hamas' surprise attack, including hostage-taking, is considered Israel's worst intelligence failure in 50 years. The conflict has led to the closure of an offshore natural-gas platform operated by Chevron due to safety concerns. The violence has also impacted local markets, with the shekel dropping despite support from the central bank.

Impact on Energy Sector

As part of the conflict, Israel has ordered the shutdown of a key gas field, causing European gas prices to rise. Additionally, Israel has halted the supply of electricity, fuel, and food to the Gaza Strip. The conflict's effects have reached global airlines, with many suspending flights to Israel. The possibility of conflict with Iran has become a major concern for emerging-market investors.

International Reactions and Consequences

Germany is considering cutting aid to the Palestinians in response to the Hamas attacks. The European Union has called for an emergency meeting to address the situation in Israel and the region. Chinese President Xi Jinping is set to meet with a delegation of US senators to discuss the ongoing conflict. Iran has denied involvement in the attacks, while the shekel and Israel's government bonds have experienced market declines. The situation remains volatile in southern Israel, with ongoing fighting and attempts by Hamas militants to infiltrate the country. The United Nations reports that over 123,500 Palestinians have been displaced in Gaza due to the violence. Israeli forces continue to target Hamas fighters and combat divisions have been mobilized. The conflict between Israel and Hamas shows no signs of abating, with significant consequences for the energy sector, international relations, and the well-being of civilians on both sides.

Hot Take: The Impact of Israel-Hamas Conflict on New Businesses

The escalating conflict between Israel and Hamas presents a challenging landscape for new businesses, particularly in the energy sector. With Israel's decision to shut down a key gas field and halt electricity, fuel, and food supplies to the Gaza Strip, the ripple effects are being felt globally. European gas prices are on the rise, and businesses reliant on these resources may find themselves grappling with increased operational costs.

Market Instability and Potential Opportunities

The conflict has also led to market instability, with the shekel experiencing a downturn despite central bank support. For businesses with a risk appetite, this could present a unique investment opportunity. However, the potential for conflict with Iran adds another layer of uncertainty, making the situation a significant concern for emerging-market investors.

International Relations and Business Diplomacy

The international response to the conflict also carries implications for businesses. Germany's consideration to cut aid to the Palestinians and the EU's emergency meeting reflect the high-stakes diplomacy at play. New businesses, particularly those with international operations, will need to navigate these geopolitical complexities carefully. In conclusion, while the conflict brings significant challenges, it also presents potential opportunities for new businesses that can adapt and respond to these rapidly changing circumstances.
Story First Published at: https://financialpost.com/pmn/business-pmn/israel-latest-army-reserves-called-up-chevron-shuts-gas-field
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