Geopolitical Developments from Israel:
- Israeli Prime Minister Netanyahu conveyed to President Biden that Israel’s only recourse is to initiate a ground operation in Gaza.
- The Israeli defense forces have confirmed that combat helicopters are actively targeting locations in Lebanon.
- Israel has refuted claims of ongoing negotiations, following a Reuters report suggesting the possibility of talks regarding a Gaza prisoner exchange deal.
- In response to the bombing of civilian residences, the Hamas armed wing launched rockets toward Jerusalem.
As the conflict persists, it is evident that the battle will endure for some time.
In the Financial Arena:
Crude oil prices are currently trading at approximately $86.38, marking an increase of $3.68 for the day.
A closer look at the daily chart reveals that the price of crude oil has surpassed the previous swing high from August 10, which stood at $84.85. Last week, the price had dipped below this level and a significant zone between $82.35 and $83.32 (indicated by red number circles within the yellow area on the chart). Over the weekend, developments in the news led to a gap higher in price, surpassing the aforementioned August high and reorienting the market sentiment toward the bullish side. To diminish the bullish technical outlook, the price would need to retreat below $84.85.