Hamas has made significant concessions to Israel in Gaza ceasefire talks, agreeing to Israeli military presence and releasing a list of hostages. A senior Biden administration official credits pressure from President-elect Donald Trump for the breakthrough. The deal includes Israeli control over key corridors and the Rafah border crossing, in exchange for the release of Palestinian prisoners and increased humanitarian aid.
Hamas representatives will travel to Cairo for ceasefire negotiations on Saturday, aiming to secure a truce in Gaza. This follows the recent Israel-Hezbollah ceasefire and renewed pressure on Israeli Prime Minister Benjamin Netanyahu to secure the release of hostages. The Israeli military’s planned long-term presence in Gaza raises significant questions about the future of the region.
Israel and Hezbollah engaged in a major missile exchange, with Israel thanking its Iron Dome defense system for its effectiveness. While both sides have expressed a desire to avoid further escalation, warnings of more strikes have been issued. The situation remains tense with no ceasefire agreement in Gaza and international concern growing.
Oil prices dropped sharply on Friday morning, driven by a combination of factors including ongoing negotiations for a ceasefire in Gaza and disappointing economic data from China. Traders are cautiously optimistic about the potential for a ceasefire agreement, but concerns remain over the slow progress of negotiations and the potential for further regional escalation. Meanwhile, weak economic data from China, indicating a slowdown in industrial production and rising unemployment, added further pressure on oil prices.
Israeli Prime Minister Benjamin Netanyahu’s upcoming address to the US Congress on July 24 highlights the mounting pressure for a ceasefire agreement between Israel and Hamas militants. The visit follows President Joe Biden’s proposed three-phase plan to end the conflict and address the devastating toll in Gaza. Despite expressions of solidarity with Israel, some progressive Democrats have condemned Netanyahu’s handling of the situation and plan to boycott his speech. Amidst international scrutiny, US, Qatari, and Egyptian mediators continue efforts to secure a truce and hostage swap.
