Under pressure, Biden works for ceasefire in Israel-Gaza violence

Anil Panchal FXStreet

Late Monday, Reuters came out with the news suggesting US President Joe Biden pushes for a ceasefire between Israel and Hamas.

“Biden is facing growing pressure from lawmakers in his own Democratic Party to play a more vocal role, but U.S. officials say he and his team have opted for a quieter effort, talking with Israeli officials and U.S. allies in the Arab world,” said the news.

The report also mentioned, “The Biden administration has privately blamed the administration of Republican former President Donald Trump for breaking off communications with the Palestinian Authority in its zeal for a pro-Israel policy, believing that has contributed to instability.”

The news signals that President Biden, in a call with Israel PM Netanyahu, reaffirms the Middle East nation’s right to defend itself.

Market reaction…

Oil prices paid a little heed to the news amid the search for fresh clues as inflation jitters and virus woes probe traders.

Read: WTI bulls take charge, making prospects for a deeper test of breakout resistance zone

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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