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Hamas' armed wing, the Izz el-Deen al-Qassam Brigades, has released two U.S. hostages from Gaza — a mother and her daughter — "for humanitarian reasons" in response to Qatari mediation efforts in the war with Israel, its spokesman Abu Ubaida said on Friday. It said more than 20 hostages have been killed by Israeli air strikes, but has not given any further details. Israel has also said that there will be no end to its full blockade of the enclave unless Israeli hostages are freed. Hamas has released a video of Mia Schem, a 21-year-old French-Israeli woman captured at a dance party. American and British officials have confirmed they have been working with Qatar to secure the release of hostages, including their citizens, held in Gaza.
Persons: Deen al, , Abu Ubaida, Joe, Biden, Israel, Mia Schem, Benjamin Netanyahu's, Gilad Shalit Organizations: Tel, Brigades, Hamas, Qatar Locations: Tel Aviv, Tel Aviv Israel, Hamas, Gaza, Israel, Thailand, Argentina, Germany, France, Portugal
"Even if the fighting spreads beyond Israel and the Palestinian territories, it is unlikely to result in a prolonged oil price spike" they predicted. "There are tangible signs that high oil prices amplified by surging borrowing costs and depreciating EM currencies began to erode fuel consumption." In addition, oil prices rarely experienced long-term turmoil during most of Israel's past conflicts, JPMorgan said. "Eventually, oil prices tended to gradually stabilize and decline, resulting in Brent actually trading at a discount to its fundamentally-derived fair value. Only the 1973 Yom Kippur war saw longer lasting impacts, given that it led to a Saudi oil embargo against the US.
Persons: , Brent, JPMorgan doesn't, haven't Organizations: JPMorgan, Service, UAE haven't Locations: Israel, Taiwan, Thailand, Japan, South Korea, Pakistan, Bangladesh, Sri Lanka, 4Q23, Iran, Saudi Arabia, UAE, Saudi, Northern Iraq
Israeli Prime Minister Benjamin Netanyahu said the mother and daughter were abducted by Hamas while they were staying at Kibbutz Nahal Oz. Israelis are still reeling from the Hamas assault and from images of fellow citizens being bundled off to Gaza, which is ruled by Hamas. An attempt to rescue all those Hamas said were now held in different locations could jeopardise their lives. American and British officials said they have been working with Qatar to secure the release of hostages, including their citizens, held in Gaza. Israel has also said that there will be no end to its full blockade of the enclave unless Israeli hostages are freed.
Persons: Judith Tai Raanan, Natalie Shoshana Raanan, Israel, Benjamin Netanyahu, Natalie Raanan's, Ben Raanan, Judith Raanan's, Netanyahu, Joe Biden, Yonatan “ Yoni ” Netanyahu, Izz, Deen al, Abu Ubaida, Joe, Biden, Mia Schem, Gilad Shalit, Enas Alashray, Nidal, Michael Georgy, Steve Gorman, Grant McCool Organizations: Kibbutz, Denver Post, Gaza, Media, Hamas, Air, Qatar, Thomson Locations: GAZA, Chicago, Israel, Denver, Qatar, United States, Evanston, an Illinois, Gaza, Entebbe, Uganda, Air France, Palestinian, Thailand, Argentina, Germany, France, Portugal, Hamas, Cairo
Whatever effect they have on the diplomatic front, Biden’s Israel trip and Thursday night prime time television address can only help his reelection efforts at this point, especially if he faces Trump. Some Republicans even offered grudging praise for Biden’s Israel trip. Of course, many prominent conservatives still found grounds for panning the Democratic president. According to Gallup, Democratic support for Israel has been sliding for years. Voters for now are giving Biden reasonably good reviews for his handling of both Israel and Ukraine.
Persons: David Mark, , Bill Clinton, Barack Obama, Joe Biden, Biden, Donald Trump, Capitol Hill, he’d, Benjamin Netanyahu, Biden’s, Tim Burchett, ” Biden, , Brit Hume, Ron DeSantis, South Carolina Sen, Tim Scott, Laura Ingraham, ’ ” Ingraham, Nor, Israel, Trump, Clinton, Obama, George W, Bush Organizations: Washington, CNN, Democratic, Republican, Capitol, Russia, Trump, Wednesday, Air Force, Republicans, ” Fox News, Florida Gov, Fox News, Israel, Gallup, CBS, Quinnipiac University, Israel Democratic Locations: Hurricane, Northeast, Tel Aviv, Ukraine, Israel, Iran, Lebanon, Delaware, Biden’s, Gaza, Egypt, Washington, DC, El Al, Biden’s Israel, Tennessee, South Carolina
REUTERS/Evelyn Hockstein Acquire Licensing RightsWASHINGTON, Oct 19 (Reuters) - The 2024 presidential election promises to be like no other modern U.S. election. He will be 81 when the election is held in November 2024, making him the oldest American to win a presidential election should he secure a second term. Republican presidential candidates are split between those saying abortion laws should be left to the states and those supporting a national ban. Republican candidates, including Trump, have blamed Biden for reversing more restrictive Trump-era policies, and have pledged to step up border security. Other Republican candidates, such as Pence and Haley, say the United States must continue to back Ukraine.
Persons: Joe Biden, Evelyn Hockstein, Donald Trump, Democrat Joe Biden, Biden, Trump, Ron DeSantis, Nikki Haley, Mike Pence, Chris Christie, Trump’s, Vivek Ramaswamy, DeSantis, Kamala Harris, Marianne Williamson, Robert F, Kennedy, Jr, Cornel West, Roe, Wade, Pence, Haley, Israel, James Oliphant, Ted Hesson, Heather Timmons, Ross Colvin, Kieran Murray, Jonathan Oatis, Cynthia Osterman Organizations: Moffett Federal, REUTERS, Rights, Republican, Democrat, Democratic, WHO, U.S, United, New, Trump, Biden, Democrats unenthused, Progressive, Supreme, Reuters, White, Republicans, Thomson Locations: Mountain View , California, U.S, American, Florida, New Jersey, America, Iowa, New Hampshire, Nevada , South Carolina, Michigan, South Carolina, California, Texas, Milwaukee , Wisconsin, Chicago, Mexico, New York, China, Ukraine, Russia, United States, Gaza, Israel, Midwest, Michigan , Pennsylvania, Wisconsin, . Arizona , Georgia, Nevada, North Carolina, Southern
In Israel, a New War Summons Old Traumas
  + stars: | 2023-10-19 | by ( Galit Atlas | ) www.wsj.com   time to read: 1 min
On Friday, Oct. 6, my younger sister, Keren, turned 50. She was born on the first day of the Yom Kippur War, Israel’s fifth war since it was founded in 1948. I was two years old when that war broke out, and on that day my father, like all the other men, was called to the army. I was left with a neighbor while my mother went alone to the hospital to give birth to my sister. I don’t remember much from that war, except for my mother returning with my baby sister.
Persons: Keren Locations: Israel
Like many Palestinians in Gaza and elsewhere he feels Arab states have not done enough to support the Palestinian cause, especially those who have normalised ties with Israel. Israel reiterated it would not allow aid through its crossing with Gaza until Hamas released about 200 hostages seized during its cross-border attack on Israel on Oct. 7. The Gaza health ministry said 3,478 Palestinians have been killed and 12,065 wounded in Israeli air strikes on the besieged enclave since Oct. 7. Israel and Egypt have upheld a blockade of Gaza since Hamas took control of the territory in 2007, tightly controlling the movement goods and people. But the Hamas attack, the biggest against Israel since the 1973 Yom Kippur war, followed by the fiercest ever Israeli strikes on Gaza, has created a monumental crisis.
Persons: Stringer, Awad El, Hoda Arafat, Abu Taya, Amena Al, Michael Georgy, Angus MacSwan, Alex Richardson Organizations: Hamas, REUTERS, Israel, White, United Nations, Palestinian, Aqsa Hospital, Gaza, Gaza Health Ministry, Interior Ministry, Thomson Locations: Rafah, Gaza, Israel, Palestinian, Egypt, GAZA, U.S, El, United States, Ahli, Arabi, Israeli, Al
The Israel-Hamas war could spark a wider regional conflict in the Middle East. AdvertisementAdvertisementPresident Joe Biden this week touched down in Israel as the Middle East was engulfed in new turmoil. AdvertisementAdvertisementThey'd threatened to attack Israel in support of Hamas before the hospital attack, with clashes in recent days between Hezbollah and Israeli forces on Israel's northern border intensifying. AdvertisementAdvertisementIn Hezbollah, Israel faces an opponent that is better armed and trained than the Gaza-based Hamas militia. "They want to pressure Israel via Hezbollah when Israel is already stretched and distracted," said Burrows.
Persons: , Joe Biden, Biden, Michael DiMino, Benjamin Netanyahu, BRENDAN SMIALOWSKI, Ebrahim Raisi, Israel, JOSEPH EID, Mat Burrows, Burrows, Robert Dover, Stimson Center's Burrows, Iran's, Clive Jones, DiMino Organizations: Service, Hezbollah, CIA, Israel, Tel Aviv's, Getty, Al, UN, West Bank, Embassy, Washington, Stimson Center, Missile, AFP, Kremlin, University of Hull, Institute for, Durham University Locations: Israel, East, Iran, Gaza, Tel Aviv's Ben Gurion, AFP, Ahli, Gaza City, — Iran, Lebanon, Egypt, Syria, DC, Russia, China, Ukraine, Taiwan, Syrian, Iraq, Yemen, United States
CHICAGO (AP) — After a stopover in the U.S. that lasted the better part of a century, a baroque landscape painting that went missing during World War II was returned to Germany on Thursday. Art Recovery International, a company focused on locating and recovering stolen and looted art, tracked down the elusive painting after a person in Chicago reached out last year claiming to possess a “stolen or looted painting” that their uncle brought back to the U.S. after serving in World War II. The painting has been missing since 1945 and was first reported stolen from the Bavarian State Painting Collections in Munich, Germany. It was added to the database of the German Lost Art Foundation in 2012, according to a statement from the art recovery company. “The crux of our work at Art Recovery International is the research and restitution of artworks looted by Nazis and discovered in public or private collections.
Persons: Johann Franz Nepomuk Lauterer, Christopher Marinello, Marinello, , ” Marinello, , Bernd Ebert, ” Ebert, Lauterer, Ebert, ___ Savage Organizations: CHICAGO, FBI, Consulate, Recovery, Bavarian, Painting, Lost Art Foundation, Art Recovery, Chicago, Team, Alte, Associated Press, America Statehouse News Initiative, America Locations: U.S, Germany, Chicago, Munich, Vienna, Bavarian
Electronic boards showing stock information are pictured at the stock market, in Dubai, United Arab Emirates, November 5, 2020. "Such an escalation could lead to increased oil prices, concerns about oil supply, and the potential for a global economic downturn." In the unlikely event the United States sends troops into the Middle East, Belote expected a $20 jump in oil prices, "if not more". "Israel has better relations with other Arab countries compared to then," JP Morgan private bank strategist Madison Faller said in a note, "and global oil supply is not as concentrated." Reuters Graphics5/ TECH JITTERSWhat's good for oil stocks can be bad for big tech.
Persons: Abdel Hadi Ramahi, Hamza Meddeb, Malcolm H, Brent Belote, Belote, JP, Madison Faller, Nadia Martin Wiggen, Alessia Berardi, Amundi's Berardi, Trevor Greetham, Morgan Stanley, Jeff, London's Greetham, Naomi Rovnick, Nell Mackenzie, Marc Jones, Dhara Ranasinghe, Sharon Singleton Organizations: United Arab Emirates, REUTERS, Kerr Carnegie Middle East Center, Oil, JP Morgan, Svelland, Reuters Graphics Reuters, U.S, Reuters, Swiss, Royal, Aegon, Deutsche Bank, Aerospace, Thomson Locations: Dubai, United Arab, Israel, Gaza, Beirut, IRAN, Iran, U.S, United States, Arab, Turkey, Ukraine, Egypt, Jordan, Iraq, Saudi Arabia, Qatar, Bahrain, Suez, London
What the Israel-Hamas war means for defense stocks
  + stars: | 2023-10-18 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
New York CNN —When war breaks out, defense companies tend to make money. That means aerospace and defense stocks tend to rise during geopolitical unrest. Defense stocks typically rise after military conflicts but soon lose those gains. Following Russia’s invasion of Ukraine, the iShares defense ETF surged by 5%, with Lockheed Martin and Northrop Grumman’s shares jumping about 20%. Goldman Sachs announced third-quarter results on Tuesday morning, reporting earnings of $5.47 per share, which beat the $5.31 expected by analysts.
Persons: Lockheed Martin, Northrop Grumman, , Jim Taiclet, “ That’s, JPMorgan Chase, Jamie Dimon, , ” Sam Stovall, Joe Biden’s, Northrop Grumman’s, Raffi Boyadjian, Goldman Sachs, David Solomon, “ David, Goldman, Tony Fratto, Solomon, DJ, ” Solomon, it’s, Lloyd Blankfein, they’re, Elon Musk’s, Elon Musk, X, Clare Duffy Organizations: CNN Business, Bell, New York CNN, U.S . Aerospace & Defense ETF, Raytheon, Lockheed, Boeing, General Dynamics, Northrop, , Lockheed Martin Corporation, titans, Hamas, JPMorgan, Defense, XM, Treasury, CNN, Revenue, Twitter Locations: New York, Israel, U.S, Ukraine, Kippur, Kuwait, South Beach, New Zealand, Philippines
Israeli anger at Netanyahu erupts at hospital bedsides
  + stars: | 2023-10-18 | by ( ) www.cnbc.com   time to read: +2 min
One Israeli cabinet minister was barred from a hospital visitors' entrance. Whatever ensues, a day of judgment looms for Prime Minister Benjamin Netanyahu, after a record-long career of political comebacks. Amotz Asa-El, research fellow at the Shalom Hartman Institute in Jerusalem, predicted a similar fate for Netanyahu and his long-dominant, conservative Likud party. All that matters is what 'middle Israelis' think - which is that this is a fiasco and that the prime minister is responsible," Asa-El told Reuters. An opinion poll in Maariv newspaper found that 21% of Israelis want Netanyahu to remain prime minister after the war.
Persons: Benjamin Netanyahu, Golda Meir, Amotz Asa, Shalom Hartman, Netanyahu, Asa, El, Benny Gantz Organizations: Labour, Shalom, Shalom Hartman Institute, Likud, Reuters, National Unity Locations: Meir's, Jerusalem, Maariv
SYDNEY, Oct 18 (Reuters) - Immediately recognisable by its sails glistening over the waters of Sydney Harbour, the UNESCO-listed Sydney Opera House is one of the world’s most photographed buildings. [1/4]Former architect and tour guide Peter Sekules poses for a photo at the Sydney Opera House in Sydney, Australia September 29, 2023. Sekules says he tried to instil that philosophy when he decided to start his architectural career working alongside Australian architect Peter Hall, who took over the Opera House project after Utzon resigned. According to the Sydney Opera House, more than 10.9 million people visit the building every year. The Sydney Opera House was added to UNESCO's World Heritage List in 2007.
Persons: Peter Sekules, Sekules, Jorn Utzon, Alasdair Pal, Utzon, Peter Hall, Queen Elizabeth II Organizations: SYDNEY, UNESCO, Sydney Opera, Sydney Opera House, Reuters, Sydney Opera House Concert, REUTERS, Opera House, Opera, Stefica Bikes, Thomson Locations: Sydney Harbour, Denmark, Sydney, Australia
CNN —It’s a story President Joe Biden has told repeatedly in recent days, and it’s meant to demonstrate his long history supporting Israel. Biden frequently recounts his meeting with Golda Meir, the trailblazing first and only woman to serve as Israel’s prime minister. He has conflated these two events – the Yom Kippur War of 1973 and the Six-Day War of 1967 – before, as CNN’s fact-check team reported in 2021. Coincidentally, there’s a new movie version of Meir’s story, “Golda,” starring Helen Mirren and focused on the 1973 Yom Kippur war. During the October 1973 Yom Kippur War, Egypt and Syria attacked Israel on the holiest day of the Jewish calendar with the aim of reclaiming land.
Persons: CNN —, Joe Biden, Israel, Biden, Golda Meir, Benjamin Netanyahu, Meir, BIDEN, I’d, , I’m, , , there’s, “ Golda, Helen Mirren, David Accords Organizations: CNN, United, West Bank Locations: Tel Aviv, Israel, United States, Egypt, Syria, Jordan, Gaza, Golan, Jerusalem, Yom Kippur
Israeli Prime Minister Benjamin Netanyahu speaks to the media during a joint press conference with German Chancellor Olaf Scholz, in Tel Aviv, Israel, Tuesday, Oct. 17, 2023. Maya Alleruzzo/Pool via REUTERS Acquire Licensing RightsJERUSALEM, Oct 17 (Reuters) - One Israeli cabinet minister was barred from a hospital visitors' entrance. But there is little love shown for a government being widely accused of dropping the country's guard and engulfing it in a Gaza war that is rattling the region. Whatever ensues, a day of judgment looms for Prime Minister Benjamin Netanyahu, after a record-long career of political comebacks. An opinion poll in Maariv newspaper found that 21% of Israelis want Netanyahu to remain prime minister after the war.
Persons: Benjamin Netanyahu, Olaf Scholz, Maya Alleruzzo, Golda Meir, Amotz Asa, Shalom Hartman, Netanyahu, Asa, El, Benny Gantz, Gantz, Israel, Amit Segal, It's, Dan Williams, Howard Goller Organizations: REUTERS Acquire, Rights, Labour, Shalom, Shalom Hartman Institute, Likud, Reuters, National Unity, Thomson Locations: Tel Aviv, Israel, Meir's, Jerusalem, Maariv, ISRAEL, Gaza, Saudi Arabia, Iran
From this viewpoint, Japan is closely watching the situation with serious concern," she added when asked about Japan's oil dependence on the Middle East, which supplies more than 90% of its needs. G7 finance ministers, who were meeting in Morocco as events escalated, issued a brief statement on the attacks on Oct. 12. Japan was "standing one step behind the United States and some European countries", added Isamu Nakashima, associate research fellow at the Middle East Institute of Japan. "The through line of Japan's Middle East policy has been maintaining the flow of energy imports from the region," said David Boling, a director at consulting firm Eurasia Group. While the United States is Japan's closest ally, when it comes to the Middle East, Tokyo will be very wary of being seen as its proxy, said Shuji Hosaka, board member of the Institute of Energy Economics Japan.
Persons: Yoko Kamikawa, Fumio Kishida, Isamu Nakashima, David Boling, Shuji Hosaka, John Geddie, Yoshifumi Takemoto, Tim Kelly, Tetsushi Kajimoto, Ekaterina Golubkova, Kiyoshi Takenaka, Kentaro Sugiyama, Alex Richardson Organizations: Petroleum, Kyodo, Tokyo, Reuters, Middle East Institute of Japan, Middle, Energy, Eurasia Group, U.S, Institute of Energy Economics Japan, Thomson Locations: Kagoshima prefecture, Japan, TOKYO, Israel, Tokyo, Gaza, Iran, Hezbollah, Syria, Morocco, United States, U.S, Saudi Arabia, East
Horror, Hysteria and a SpinningHeadReconsidering‘The Exorcist’ at 50Essays by Jason Zinoman , Manohla Dargis and Erik PiepenburgCould a movie about a girl possessed by the devil really have caused audience members to faint and lose their lunch at theaters? The vehement reaction to “The Exorcist” when it premiered in late 1973 helped create a special place for it in pop culture, as evidenced by the media frenzy at the time. We asked three of our critics for new perspectives on the film: what it accomplished then and what it represents to us now.
Persons: Jason Zinoman, Manohla Dargis, Erik Piepenburg
New York CNN —Growing unrest in the Middle East has cast a shadow on global financial markets. Israeli stocks listed in New York and Tel Aviv have sunk to recent lows, underscoring the growing economic uncertainties in the war-torn region and leaving investors unsure of where markets go from here. Funds in the US hold more than $43 billion in Israeli stocks and bonds, according to a Bloomberg tracker. Big names, big exposure: As the war continues, businesses with headquarters, factories and inventory in Israel appear increasingly at risk to geopolitical turmoil. “If the war remains confined between Israel and Palestinians, it’s likely that the markets will forget about it after a few days,” he wrote.
Persons: , Steven Schoenfeld, Jamie Dimon, , Benjamin Netanyahu, Raffi Boyadjian, Sam Stovall, Nathaniel Meyersohn, drugstores, David Silverman, Bill Ford, Vanessa Yurkevich, Ford, Jim Farley, Shawn Fain Organizations: CNN Business, Bell, New York CNN, Nasdaq, Funds, Bloomberg, Hamas, Bank of Israel, JPMorgan, Israel Innovative Technology, Mobileye, Tower Semiconductor, Teva Pharmaceutical, XM, CVS, Walgreens, Walmart, Fitch, Ford Motor Company, United Auto Workers, Big Three, UAW, Monday, Ford Locations: New York, Tel Aviv, New Jersey, Israel, United States, Canada, China, Ukraine, Kippur, Kuwait, Kansas City, drugstores, Rouge, Dearborn , Michigan
Iran Warns of 'Another Shockwave' on Israel
  + stars: | 2023-10-17 | by ( ) www.wsj.com   time to read: 1 min
A senior Iranian Revolutionary Guard Corps commander warned Israel on Wednesday of "another shockwave" if it doesn't put an end to what the commander described as atrocities in Gaza. Ali Fadavi was quoted by Iranian news agency Fars as saying, "The resistance front's shocks against the Zionist regimes will continue until this 'cancerous tumor' is eradicated from the world map." Iran is a major backer of Hamas, which carried out attacks on Israel that left 1,400 people dead. The Wall Street Journal has reported that officers of the IRGC had worked with Hamas since August to devise the air, land and sea incursions—the most significant breach of Israel’s borders since the 1973 Yom Kippur War.
Persons: Israel, doesn't, Ali Fadavi Organizations: Iranian Revolutionary Guard Locations: Gaza, Iranian, Fars, Iran, Israel
The less-ambitious approach fit with Biden's determination to pivot his foreign-policy focus from Middle East hotspots to China. Arab leaders “are very aware this is going to keep blowing up. Then, Hamas's breakout from Gaza shattered what National Security Adviser Jake Sullivan had hailed as a period of Middle East calm. Brokering those alliances would stabilize the Middle East in themselves, no Israeli-Palestinian peace accord needed, supporters have argued. The nightmare unfolding now for Israeli and Palestinian civilians argues differently, when it comes to Biden's approach, critics say.
Persons: Biden, Richard Nixon, Joe Biden, Benjamin Netanyahu's, Abdel Fattah el, Sissi, Antony Blinken, , Yezid Sayigh, Malcolm H, it’s, Sayigh, Netanyahu, Mahmoud Abbas, Donald Trump, Jake Sullivan, Prince Mohammed bin Salman's, , Jonathan Lord, Yousef Munayyer, Sam Magdy Organizations: WASHINGTON, Camp David, Israeli, West Bank, United, Palestinian, Kerr Carnegie Middle East Center, U.S, Trump, United Arab, National, Biden, Hamas's, Center, New, New American Security, Arab, Associated Press Locations: Israel, China, Gaza, United States, Cairo, East, Jordan, Egypt, East Jerusalem, Saudi Arabia, Beirut, Lebanon, American, United Arab Emirates, Bahrain, Morocco, U.S, Iran, Saudi, New American, Palestine, Washington
REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsWASHINGTON/TEL AVIV, Oct 16 (Reuters) - U.S. President Joe Biden's White House is wrestling with thorny security and political challenges as officials consider a potential trip to Israel that may hold longer-term diplomatic advantages for Biden. A visit would, however, grant Biden fresh leverage to influence events on the ground and bolster his image at home. Highlighting the unique security risks facing a Biden trip, U.S. Secretary of State Antony Blinken, in Israel for meetings, was forced to take shelter in a bunker for five minutes with Netanyahu when sirens went off in Tel Aviv during their meeting. Forty-one percent of respondents said they agreed with a statement that "the U.S. should support Israel" in its conflict with Hamas, while just 2% said the U.S. should support the Palestinians. Biden has visited Israel 10 times, first as a senator in 1973, before the Yom Kippur War involving Israel, Egypt and Syria.
Persons: Joe Biden, Benjamin Netanyahu, Kevin Lamarque, Joe Biden's, Biden, Adrienne Watson, Netanyahu, Kirsten Fontenrose, Antony Blinken, Olaf Scholz, Jon Alterman, Alterman, Mahmoud Abbas, Alon Pinkas, Ehud Barak, Richard Nixon, Trevor Hunnicutt, Jarrett Renshaw, Humeyra Pamuk, Steve Holland, Matt Spetalnick, Heather Timmons, Howard Goller, Cynthia Osterman Organizations: Israeli, General Assembly, REUTERS, WASHINGTON, Biden, Israel, National Security, U.S, Atlantic Council, Presidential, Center for Strategic, International Studies, Service, Republicans, Reuters, Democratic, Gaza, Palestinian, West Bank, Thomson Locations: New York City, U.S, TEL AVIV, Israel, Washington's, East, Iran, Hezbollah, Syria, Gaza, Tel Aviv, Lebanon, GAZA, Colorado, Egypt, Washington
Echoes of the 1973 Oil Crisis
  + stars: | 2023-10-16 | by ( Arthur Herman | ) www.wsj.com   time to read: 1 min
Pushing a car to a Boston gas station in 1973. Photo: Spencer Grant/Getty ImagesThe attack on Israel on the 50th anniversary of the Yom Kippur War should remind us of another anniversary: the 1973 Arab oil embargo. The war began on Oct. 6, and the Organization of the Petroleum Exporting Countries cut production and raised prices on Oct. 17. By the end of the embargo in March 1974, the global cost of oil had climbed nearly 300%. The White House had ration cards printed in secret (fortunately never used), and President Richard Nixon contemplated military action to seize oil fields in Saudi Arabia, Kuwait and Abu Dhabi.
Persons: Spencer Grant, Richard Nixon Organizations: Organization of, Petroleum, Service, White Locations: Boston, Israel, Saudi Arabia, Kuwait, Abu Dhabi
Children crying because of Israeli raids on October 15, 2023 in Khan Yunis, Gaza. Many Gazan citizens have fled to the south following warnings from the Israeli government to do so. Israel has sealed off Gaza and launched sustained retaliatory air strikes, which have killed at least 1,400 people with more than 300,000 displaced, after a large-scale attack by Hamas. Israel's actions have gone beyond self-defense and it should heed the call of the international community. "As I said in Tel Aviv, as President Biden has said, the way that Israel does this matters.
Persons: Ahmad Hasaballah, Antony Blinken, Wang Yi, Faisal bin Farhan Al Saud, Wang, Hakan Fidan, Wang's, Blinken, Ebrahim Raisi, Emmanuel Macron, Biden Organizations: Getty, Getty Images, U.S, United, Turkish Locations: Khan Yunis, Gaza, Israel, Getty Images China, East, Kippur, Jewish, Wang Yi Chinese, United Nations, Saudi Arabia, Jordan, Bahrain, Qatar, United Arab Emirates, Egypt, Cairo, Tel Aviv
The impact on oil prices would be enormous with one prediction of $150 per barrel. A surge in oil prices could undo the fight against inflation and cause prices to soar again. International Monetary Fund managing director Kristalina Georgieva expressed concern on Thursday over how global oil markets would be impacted by the war. If that were to happen, they predict that oil prices would skyrocket more than 70% to $150 per barrel from just under $90 we have now. An estimated 20-30% of global oil supply passes through the Strait of Hormuz, which is controlled by Iran.
Persons: , Kristalina Georgieva, Steven Mnuchin, That's, Mnuchin, Mustafa Hassona, there's, Jerome Powell, Liu Jie Organizations: Service, Hamas, Monetary Fund, Bloomberg Economics, Bloomberg, US, Fox Business, Anadolu Agency, Getty, Biden, US Strategic Petroleum Reserve, Strategic Petroleum Reserve Locations: Israel, Iran, Hormuz, Iraq, Kuwait, Abu Nasr, Gaza City, Ukraine, Washington ,, Xinhua
REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsWASHINGTON/TEL AVIV, Oct 16 (Reuters) - U.S. President Joe Biden's White House is wrestling with a host of thorny security and political challenges as officials plot a potential trip to Israel that may hold longer-term diplomatic advantages for Biden. The White House declined to comment on any planning for the trip. Biden's trip could be interpreted as support for Netanyahu's political and military choices, but it could also give Biden fresh leverage to influence events on the ground. "It's very, very sensitive and the White House is working through very sensitive areas," Pinkas said. Biden has visited Israel 10 times, first as a senator in 1973, before the Yom Kippur War involving Israel, Egypt and Syria.
Persons: Joe Biden, Benjamin Netanyahu, Kevin Lamarque, Joe Biden's, Biden, Adrienne Watson, Netanyahu, Richard Nixon, Olaf Scholz, Jon Alterman, Alterman, Mahmoud Abbas, Alon Pinkas, Ehud Barak, Pinkas, Trevor Hunnicutt, Jarrett Renshaw, Humeyra Pamuk, Steve Holland, Matt Spetalnick, Heather Timmons, Howard Goller Organizations: Israeli, General Assembly, REUTERS, WASHINGTON, Biden, Israel, National Security, Ben, Presidential, Center for Strategic, International Studies, Democratic, Gaza, Palestinian, West Bank, Thomson Locations: New York City, U.S, TEL AVIV, Israel, Washington's, East, Gaza, Tel Aviv, Jerusalem, Ben Gurion, Lebanon, Ukraine, Egypt, Syria, Washington
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