Global | BBVA Research Big Data Geopolitics Monitor. December 19, 2023

The ongoing conflict between Israel and Hamas has seen a significant escalation and the bombardment of Gaza by Israel has been stepped up, resulting in significant Palestinian casualties​.​ Israel has suffered its heaviest combat losses since October indicating a severe intensification of the conflict.

Key points

• Key points:
• The IMF warns that the Gaza-Israel conflict is causing immense human suffering and will impact the broader Middle East and North Africa region, affecting both people and economies.
• US Defense Secretary Lloyd Austin is visiting Israel to discuss conflict de-escalation and a Red Sea security initiative. President Biden cautioned Israel about losing global support, urging a change in course.
• The President of the European Commission traveled to Egypt and Jordan to address the crisis, supervise the transfer of EU humanitarian aid to Gaza's civilian population, and engage in discussions.
• Houthis claimed a missile attack on a Norwegian tanker, leading to a nearly 1% increase in oil prices in Asian trade. Houthi attacks on Red Sea ships and reduced Russian exports are causing supply concerns.

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