Israeli ground forces enter Gaza; Netanyahu says war ‘will be difficult and long’; Saudi defence minister to visit White House. Follow updates here.
Oil prices are climbing amid fears fighting between Israel and Hamas could draw more Middle Eastern nations into a full-scale conflict. Markets reporter Cecile Lefort is reporting futures are down 1 per cent, putting the local sharemarket on track to revisit one-year lows set last week.
The Israeli military is soon expected to launch an expanded ground offensive and Mr Netanyahu warned it could be a “long and difficult” campaign to eradicate Hamas. Oil prices climbed nearly 3 per cent on Friday on worries that a wider conflict could disrupt global crude supplies as the region. The surge in the cost of oil is another complication for central banks already struggling to return price growth to target sooner rather than later.
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