The escalating Palestinian-Israeli conflict is also increasing risks in the market and is seen to affect the harmony of global trade relations involving some of the world's major economies.
Palestinian authorities in Gaza reported more than 40 people killed in the latest airstrikes launched by the Zionist regime yesterday and described yesterday as the ‘bloodiest day’ since the Palestinian-Israeli conflict erupted.
Among those killed were 16 women and 10 children. So far, the number of victims of the conflict in Palestine has reached 188 people, including 55 children and 33 women while another 1,230 were injured.
Israel launched an attack on Gaza at midnight yesterday, causing at least three buildings to be destroyed as well.
According to a Reuters report citing an Israeli statement, the Zionist regime launched an attack on the Palestinian military tunnel system in the area, causing the settlements on the tunnel to be destroyed.
The Zionist regime states they are targeting leaders and infrastructure linked to Hamas fighters.
The Zionist regime claims the Palestinian army fired more than 3,000 rockets against Israel last week.
Meanwhile, Hamas launched rockets in the areas of Ashkelon, Ashdod, Netivot and several other locations in central and southern Israel.
Meanwhile, United Nations (UN) Secretary-General Antonio Guterres warned the ongoing Palestinian-Israeli conflict would lead to an uncontrollable conflict.
Yesterday, he called for a ceasefire between the two sides.
The UN also warned the shortage of oil supplies in Gaza would result in hospitals and several other facilities losing power.
The escalating conflict between Palestine and Israel has also dealt a ‘great blow’ to some Arab states that had previously ‘cleared their ties’ with Israel.
The United Arab Emirates (UAE), Bahrain, Morocco and Sudan previously signed the Abraham Agreement with Israel during the reign of former United States (US) President Donald Trump.
The agreement involves cooperation involving various sectors including trade, tourism, medical research, green economy and scientific development.
However, the conflict that erupted made the Arab countries 'turn away' from cooperating with Israel.
