Biden Attributes Gaza Hospital Explosion To 'The Other Team'; Commodity Prices Surge As Israel-Hamas Conflict Intensifies

It’s been 12 days since the start of the conflict between Israel and Hamas, and President Joe Biden is in Tel Aviv for discussions with Israeli Prime Minister Benjamin Netanyahu. This meeting follows a devastating explosion at the Gaza Al-Ahli Arab hospital, which claimed the lives of over 500 Palestinians.

• “We will continue to have Israel’s back as you work to defend your people," Biden said during the meeting with Netanyahu, reiterating the U.S. support for Israel.
  
• The Israel Defense Forces said a failed rocket launch by the Palestinian Islamic Jihad caused the hospital explosion on Tuesday. President Biden suggested that it appears the responsibility for the attack lies with the opposing faction, based on the available information.

• US Secretary of State Antony Blinken had a conversation on Tuesday with Palestinian Authority President Mahmoud Abbas, conveying heartfelt condolences for the civilian lives tragically lost in the explosion at the Al-Ahli hospital in Gaza City.
  
• Islamic Jihad has categorically denied any involvement in the explosion at Al-Ahli hospital, dismissing claims of responsibility as “false” and “baseless.”

• Protests are on the rise across the Middle East and North Africa due to the tragic events following the attack at the Al-Ahli hospital. In response to the escalating crisis, Jordan has canceled a previously planned summit with Biden scheduled for Wednesday.
  
• A massive gathering of protesters has also taken place in various Western countries, with a notable demonstration occurring also in front of the White House in Washington, D.C.
  
• According to the Gaza Health Ministry, the toll of casualties resulting from the conflict has reached a total of 3,478 Palestinians killed, with an additional 12,000 people sustaining injuries.
  
• “The situation in Gaza is spiralling out of control. Every second we wait to get medical aid in, we lose lives,” the World Health Organization Director, Tedros Adhanom Ghebreyesus, wrote on X.
  
• Iran’s Foreign Minister, Hossein Amirabdollahian, has urged Muslim nations to take significant steps. He has called for the expulsion of Israeli ambassadors from their respective countries and the implementation of an oil embargo on Israel.

Market Reactions: Gold Rallies, Oil Surges As War Escalates

Commodity prices rose across the board ahead of the market open on Wednesday.

Gold, as tracked by the SPDR Gold Trust ETF GLD, rose as much as 1.4% to $1,950/oz, hitting the highest level since early September.

Oil also surged in response to the risk of Iran’s oil embargo on Israel, with the WTI benchmark up 0.6% to $86.8 a barrel.

Natural gas prices rose nearly 5% in Europe, while futures on the U.S. Henry Hub traded 2% higher.

European stocks trended lower, while futures on the S&P 500 index were 0.4% lower as of 08:30 a.m. ET on Wednesday.

Traders await key earnings report from mega-cap tech stocks after the market close, including Netflix Inc. NFLX and Tesla Inc. TSLA.

Read now: US Stocks Set For Weak Open Ahead Of Tesla Q3 Print: Why This Analyst Is Skeptical Of S&P 500 Recovery To Early 2022 High

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