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Fears of an Israel-Hezbollah War Leave Oil Markets on Edge

Source The Ghana Report

While Putin was hoping his visit to Kim Jun-Il and a timely defense pact with North Korea would create more of a fuss in the media, center stage has been consumed by Israel and Lebanon, on the brink of war, or so is the fear. 

For weeks, Israel and Hezbollah have been trading air strikes and rocket launches across the Israel-Lebanon border, with the situation escalating this week to the point that they are one concrete strike away from a declaration of all-out war. The likelihood is fairly high now that this will be the case, similar to the war between the two in 2006, only most observers agree that this time around it will be more devastating due to the military buildup by both Israel and Hezbollah over the past eight years.

On Wednesday, Israel’s Northern Command approved plans for war with Lebanon, prompting Hezbollah to threaten that none of Israel would be spared from Hezbollah rockets. On Thursday, a Saudi diplomat warned Israel not to provoke a war in Lebanon, specifically sending a message that there would be no normalization of Israel-Saudi ties without a just solution for Palestinians, as well. The Saudis have expressed concern, as well, that this time around an Israel-Lebanon war will not remain confined to the region.

Just as important is what is going on inside Israel right now. Netanyahu disbanded his war cabinet on Monday, after his biggest rival, Benny Gantz, withdrew from the cabinet in protest over the handling of the war.

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