The Israeli military declared the elimination of Yahya Sinwar, the top Hamas leader, marking a pivotal moment in their ongoing conflict. Sinwar, targeted since hostilities with Hamas erupted on October 7, was killed during a gunbattle in Gaza. Known for orchestrating an assault that resulted in the deaths of approximately 1,200 people and the abduction of more than 200 others, Sinwar was considered Israel's most wanted individual.

In a statement, U.S. President Joe Biden praised the Israel Defense Forces' relentless pursuit of Hamas leadership, attributing their efforts to collaboration with U.S. intelligence. Biden emphasized the uniqueness of this military operation, highlighting Hamas leaders' strategic use of an extensive network of underground tunnels for navigation and protection, often at the risk of civilians above ground. He underscored the global resolve against terrorism, affirming that no terrorist leader is beyond the reach of justice.

The recovery of Sinwar's body was confirmed after a firefight, verified using dental records and fingerprints, according to Israeli authorities. The response from Hamas remains absent following Sinwar's confirmed demise. Sinwar's death is a critical development in the Gaza conflict, impacting an already devastated region. Despite its small size of 141 square miles, Gaza is densely populated with over 2 million residents. The Ministry of Health in Gaza reports more than 41,000 deaths, without distinguishing between civilian and militant casualties. This conflict has displaced nearly 1.9 million Palestinians.

The demise of Sinwar also opens avenues for potential peace negotiations between Israel and Hamas, as noted by U.S. Vice President Kamala Harris. However, both parties face significant hurdles in resolving core disputes. Israeli Prime Minister Benjamin Netanyahu has addressed the nation, assuring that the military will work toward releasing all hostages still detained by Hamas. The recent developments have influenced market trends, notably in defense exchange-traded funds (ETFs). As of Thursday afternoon, most ETFs saw an uptick, except for the SPDR S&P Aerospace & Defense ETF. Investors in oil ETFs noted minor fluctuations amid geopolitical tensions, with the United States Oil Fund experiencing a slight gain and the VanEck Oil Services ETF seeing a minor decrease.