The death of Yahya Sinwar, a pivotal leader of Hamas and the mastermind behind the attacks on October 7, 2023, signifies a crucial turning point in the lengthy conflict in Gaza, as per Israeli Prime Minister Benjamin Netanyahu. Sinwar's demise occurred during an Israeli operation in Rafah, marking what Israel views as a substantial achievement in its ongoing efforts against the militant group. Netanyahu, in a speech shared on social media platforms, labeled Sinwar's death as a critical juncture in the conflict, stating, "While this is not the end of the war in Gaza, it's the beginning of the end." He noted that the hostilities could cease if Hamas surrendered and released Israeli hostages.
Netanyahu emphasized, "This war can end tomorrow if Hamas lays down its arms and returns our hostages." Hamas is currently detaining 101 hostages in Gaza. Furthermore, Netanyahu addressed the wider regional dynamics, accusing Iran of orchestrating networks of militancy throughout the Middle East, including with Hamas. Reacting to the news, Hamas confirmed the death of Sinwar and conveyed that although his loss is impactful, it would not diminish their determination. Khalil al-Hayya, a senior Hamas leader and key negotiator, indicated that Sinwar's death might further embolden their resolve against Israeli occupation.
Al-Hayya remarked, "The occupation prisoners will not return unless the aggression on Gaza ceases, there is a complete withdrawal from Gaza, and our prisoners are freed from Israeli prisons." Hamas reaffirmed its enduring aim to establish a Palestinian state with Jerusalem as its capital. In the international sphere, Netanyahu addressed what he called an "axis of terror" engineered by Iran, emphasizing the dissolution of this axis and urging Middle Eastern nations to unite against these malevolent forces, aspiring instead to "build a future of light and hope" for the region.
The elimination of Yahya Sinwar, executed by the Israel Defense Forces in Rafah, is seen as a significant stride towards the resolution of this prolonged conflict. In terms of economic repercussions, the recent geopolitical shifts in the Middle East have led to a decrease in oil prices. On the recent Friday, crude oil prices continued to drop, with the United States Oil Fund (USO) declining by 1.5%. This contributes to a weekly downturn of over 8%, marking the worst performance for oil since January.
The decline in oil prices reflects an investor sentiment shift that, despite continuing tensions, concerns over supply disruptions might be easing. Concurrently, Israeli stocks have shown resilience, with the VanEck Israel ETF (ISRA) gaining 0.5%, resulting in eight positive trading sessions in the past nine days.
