The Israeli military confirmed on Thursday the death of Yahya Sinwar, the top leader of Hamas, with one word: “Eliminated.”

What Happened: Israel Defense Forces killed Sinwar — Israel's most wanted target since the war with Hamas began on Oct. 7 — in a firefight in Gaza.

Sinwar orchestrated an assault that killed about 1,200 people and led to the abduction of over 200 others.

In a prepared statement, President Joe Biden said the IDF “relentlessly pursued Hamas's leaders” with the help of U.S. intelligence.

“There has rarely been a military campaign like this, with Hamas leaders living and moving through hundreds of miles of tunnels, organized in multiple stories underground, determined to protect themselves with no care for the civilians suffering above ground,” Biden said.

“Today, however, proves once again that no terrorists anywhere in the world can escape justice, no matter how long it takes.”

Sinwar's body was retrieved after an exchange of fire on Wednesday, according to the New York Times, citing Israeli authorities. His identity was verified using dental records and fingerprints that matched those on file, Israel Police said. There was no immediate response from Hamas regarding his death.

See Also: US Boosts Military Presence In Middle East As Tensions Spike With Iran

Why It Matters: Sinwar's killing marks a significant development in the yearlong conflict.

So far, the war in Gaza devastated the region and its people. Despite being only 141 square miles, Gaza is home to over 2 million people.

Gaza's health ministry reports over 41,000 deaths. Per the Associated Press, Gaza's health ministry doesn't distinguish between civilians and combatants. About 1.9 million Palestinians have been displaced.

Sinwar’s death also presents an “opportunity” to proceed with negotiations between Israel and Hamas and end the war, Vice President Kamala Harris said, per Bloomberg.

Both sides remain deadlocked over key issues.

Israeli Prime Minister Benjamin Netanyahu addressed the nation and promised the Israeli military would secure the release of all hostages. See below for coverage via CNN.

Defense exchange-traded funds (ETFs) at last check Thursday afternoon, were trending up with the exception of the SPDR S&P Aerospace & Defense ETF:

Oil ETFs:

• The United States Oil Fund (NYSE:USO), was up 0.15% at $72.51.
• The VanEck Oil Services ETF (NYSE:OIH) was down 0.25% at $286.69.

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• Oil Prices Take Largest Plunge In Over A Year As Israel Vows To Spare Iranian Facilities

Image: Shutterstock.