According to Israel, military forces have mounted a ground incursion across local communities around Southern Lebanon, in what it has described as a ‘limited operation’ against Hezbollah.

The Israel Défense Forces (IDF) described the attack as ‘limited, localised, and targeted ground raids based on precise intelligence against Hezbollah terrorist targets and infrastructure in southern Lebanon’. This follows several days of airstrikes to eliminate Hezbollah’s leadership and destroy its weapons stockpiles, which resulted in the assassination of Hezbollah’s leader, Hassan Nasrallah.

Despite reports of the Israeli ground assault, Hezbollah denies Israeli forces have entered Lebanon.

Iran Preparing to Launch Missiles Into Israel

As per a senior White House official, as well as a Department of Defence official, there are reports that Iran is preparing to mount an attack against Israel, including the launch of a ballistic missile. You will recall that Iran attacked Israel earlier this year in April, launching more than 300 drones and missiles in which the US was actively involved in aiding Israel’s defence. According to sources, the US is anticipated to adopt a similar role in this situation should an attack materialise, supporting defence preparations. As of writing, it remains unclear when (if) an Iranian attack on Israel will occur.

In addition, the US State Department has ordered diplomats and their families in Isreal to ‘shelter in place’, as the condition remains tentative.

Oil Prices Advance

Oil prices caught a sizeable bid in trading today amid escalation in the Middle East.

As of writing, WTI oil is up 4.0% and technically gearing up to complete a daily AB=CD bearish configuration at US$73.58, which happens to share chart space with channel resistance, extended from the high of US$84.49, along with an ascending support-turned-potential resistance level, taken from the low of US$63.61.

In light of the clear downward-facing trend this market has been in since early July this year, a test of the aforementioned resistance could result in investors taking profit and fresh sellers entering the fray.

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