Israel is holding off a ground invasion of Gaza as diplomatic efforts continue to secure the release of more hostages. Oil edged lower after two weeks of gains, while Israeli data is set to show the economic impact of Hamas’s attacks on the country.
Further international aid is expected into Gaza through the Rafah border point with Egypt on Monday. Two convoys that crossed over the weekend were dubbed “a drop in the ocean” compared with needs in the besieged Palestinian territory. The United Nations says at least 100 trucks a day are required.
A hospital in Gaza said it received 170 bodies of Palestinians killed in the latest strikes, while Israel warned Iran-backed Hezbollah risks dragging neighboring Lebanon into war. The Lebanon-based group has pledged support for Hamas, which is designated a terrorist group by the US and EU.
(All time stamps are Israeli time)
Israel to Outline Economic Impact, Make Rate Decision (7:00 a.m)
Israel is set to offer its first accounting of the conflict’s toll on the economy, with the central bank reviewing interest rates on Monday, just over two weeks after the Hamas attacks forced emergency measures to stabilize markets.
Updated forecasts from the Bank of Israel’s researchers will accompany the rate decision that almost all economists predict will extend a pause in place since July.
Oil Falls as Israel Seen Delaying Invasion (4:14 a.m.)
Oil edged lower — after two weeks of gains — as Israel held off on its ground invasion of Gaza. Global benchmark Brent dipped below $92 a barrel and West Texas Intermediate traded near $88.
Brent has advanced about 8% since Hamas’s Oct. 7 attack on Israel on concerns the conflict could drag in Lebanon, Iran and potentially the US. The Middle East supplies around a third of the world’s crude and the main risks for the market are that Washington ramps up compliance checks on sanctioned Iranian oil and that Tehran disrupts key shipping routes.
Biden, Netanyahu Pledge More Aid (11:07 p.m.)
US President Joe Biden and Israeli Prime Minister Benjamin Netanyahu pledged a “continued flow” of “critical assistance into Gaza” after the first two convoys crossed from Egypt. In a phone call Sunday, they also discussed securing the release of hostages and safe passage for civilians who want to leave Gaza, the White House said in a statement.
Aid that’s arrived so far is “a drop in the ocean,” said Tommaso Della Longa, spokesperson for the International Federation of Red Cross and Red Crescent Societies. A problem is not just quickly dwindling supplies of food but the fear of going out to find it amid the bombing, he said.
“If you lack a safe place to go how can you find food? How can you find water?” he said by phone from Geneva.
French, Dutch Leaders to Visit Israel (9:50 p.m.)
French President Emmanuel Macron and Dutch Prime Minister Mark Rutte will arrive in Israel in the next two days to meet with Prime Minister Benjamin Netanyahu.
Netanyahu held a series of talks with Western leaders on Sunday, repeating Israel’s determination to eliminate Hamas, which is designated a terrorist group by the UN and European Union.
Hostage Talks May Delay Gaza Invasion (9:15 p.m.)
Israel supports diplomatic efforts to get Hamas to release hostages from Gaza quickly and in large numbers, a move that may delay and possibly alter its ground war, according to people familiar with the negotiations.
The role of hostage releases in Israel’s military planning took on concrete meaning on Friday, when an American mother and her 19-year-old daughter from Chicago were set free through the mediation of Qatar.
US Senators Visit Israel (8:53 p.m.)
A bipartisan group of 10 US senators visited Tel Aviv on Sunday. “We’re here today to tell Iran, we’re watching you,” said Lindsey Graham, a South Carolina Republican. “If this war grows, it’s coming to your backyard. There won’t be two fronts, there will be three.”
Egypt Reports Minor Injuries From Israeli Tank Misfire (6:39 p.m.)
Egypt said some of its personnel received minor injuries after being hit by shell fragments when an Israeli tank accidentally fired at a border post in the area of Kerem Shalom on Sunday.
The incident is under review by Israeli’s military, which expressed “immediate” regret.
US Orders Non-Emergency Staff to Leave Baghdad Embassy (7 p.m.)
The State Department ordered non-emergency staff and eligible family members to leave the US embassy in Baghdad and consulate in Erbil in the Kurdistan region “due to increased security threats against US personnel and interests.”
A Level 4, do-not-travel advisory remains in effect for US citizens in Iraq due to the risk of terrorism, kidnapping, armed conflict, civil unrest, and Mission Iraq’s limited capacity to provide support to U.S. citizens.
