Israel-Gaza War: Shipping, Energy, Duration and Escalation

Brief situation update on shipping, refugees, conflict duration, the US' position and escalation risks.

Commercial Summary: Israel announcing that it is close to achieving its objectives in northern Gaza is a strong signal of de-escalation, as it suggests that Israel may satisfy itself with an image of victory and the hope that it re-established deterrence, after entering Khan Younes in the south. The conflict will not end for another month, however. Mean…