Israel's Netanyahu Forms Wartime Cabinet As Military Readies Gaza Ground Offensive

Israel has formed a wartime cabinet as a conflict with Hamas militants in Gaza escalates for the fifth day.

What Happened: The cabinet consists of Israeli Prime Minister Benjamin Netanyahu, opposition leader and former Defense Minister Benny Gantz and current Defense Minister Yoav Gallant, according to the Associated Press. 

The news comes as the Israeli military preps for a ground offensive in Gaza.

On Oct. 7, Hamas militants from Gaza stormed through a border fence and began attacking hundreds of Israelis in their homes, in public and at an outdoor music festival.

An estimated 150 people — including women and children — were taken hostage from Israel. Since then, some 2,400 Israelis have been wounded, with more than 1,000 dead.

Israel responded with missile attacks and blockades, closing Gaza off from water, food, electricity and medical supplies. At the time of writing, Palestinian civilians are reportedly without any power or shelter to hide.

A U.S. plane carrying ammunition landed in Israel to aid the war effort, less than one day after President Joe Biden pledged support to the Jewish people and condemned the actions of Hamas for using "Palestinian civilians as human shields."

Israel's bombardment of Gaza has reportedly killed at least 260 children and 230 women since Saturday.

Conflict With Lebanon: Tension is also growing along the Israeli northern border, where the militant group Hezbollah launched guided missiles at an Israeli army post.

Iran's Role: CNN, citing U.S. intelligence reports, reported that evidence regarding Iran's involvement and support of Hamas ahead of the weekend's events is inconclusive.

What's Next: U.S. Secretary of State Antony Blinken is set to arrive Thursday in Israel where he will likely meet with Netanyahu.

As Benzinga continues to provide updates regarding the ongoing conflict, it will also report market-related developments to watch:

ETFs: Exchange-traded funds, or ETFs, that invest in Israeli stocks — including

BlackRock's Ishares Msci Israel ETF EIS — are seeing substantial outflows from investors.

Middle East Travel: At least one major bank is postponing all business travel to the region as a precaution. UBS Group UBS has reportedly told its employees to stop business travel within the Middle East, in light of a deepening conflict between Israel and Hamas. 

Musk Comments On Tesla Superchargers: Tesla TSLA CEO Elon Musk announced via X that all Tesla-branded charging stations in Israel would be free.

Musk's comments didn't go over well with those empathizing with Palestinians who are without power.

"I would like to help those in Gaza who want peace, but have no way to do so," Musk said.

Now Read: Hezbollah Missiles Intensify Israel Conflict; Yellen Says More Iran Sanctions Possible

Image: Shutterstock.