New report says that Hamas is running out of money
In the aftermath of the short Israel-Hamas ceasefire, Israel is making a new attempt to cut Hamas off from its funding sources.
Last month, Israel cut off shipments of humanitarian supplies to Gaza, which anonymous informants allege Hamas militants had been seizing and selling to raise funds. Israel also killed Hamas officials who filled key financial roles in the terrorist organization, per The Wall Street Journal.
'Even if they sit on large amounts of cash, their ability to distribute it would be very limited right now,' said Eyal Ofer, an expert on Gaza's economy. He told The Wall Street Journal that Hamas usually supplies payments via courier or through geographic disbursement locations. However, 'Those two things would grab attention,' he said.
As a result, Hamas is facing a shortage of funds, he said.
Moumen Al-Natour, a Palestinian lawyer from the Al-Shati camp in central Gaza and an opponent of Hamas, reported that Hamas has 'a big crisis' on its hands, saying the group leaders 'were mainly dependent on humanitarian aid sold in black markets for cash,' according to the Times of Israel.
Last week, Israeli Defense Minister Israel Katz said humanitarian aid supplies would eventually resume, but only through 'civilian companies,' to keep food and equipment from falling into the hands of Hamas, according to the Times of Israel.
Officials report that Hamas has so far relied on its reserves of roughly $500 million, though those are reportedly dwindling.
The Times of Israel noted that Hamas is also struggling to attract new recruits. And, as the Deseret News previously reported, Gazans have been protesting the war, even as Hamas cracks down on protesters who are advocating for Hamas to agree to a ceasefire.
BBC reported Tuesday that a Hamas source said Qatari and Egyptian mediators proposed a deal to end the war.
Neither Israel nor Hamas have made official comments on a proposed deal. The last agreement collapsed amid accusations from Israel and Hamas that the agreement had been breached. Fighting then resumed.
Israeli Prime Minister Benjamin Netanyahu has said that the war will not end until Hamas is destroyed and its hostages are returned, while Hamas has insisted that Israel end the war before the hostages are freed.
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Today's Market Minute * On Friday, after two decades of continually raising the alarm and urging other world leaders to act, Israel's Prime Minister Benjamin Netanyahu finally decided to go it alone, authorising an Israeli air assault aimed, Israel says, at preventing Iran from obtaining weapons of mass destruction. * World stock markets tumbled on Friday and oil prices surged as Israel launched its strikes, sparking a rush into safe havens such as gold, the dollar and Swiss franc. * Rescuers searched for missing people and aircraft debris in charred buildings in Ahmedabad on Friday after more than 240 people were killed in an Air India Boeing 787 crash, and as local media reported that India was considering grounding the airline's 787 fleet for safety checks. * Israel's strikes on Iran have raised the prospect of global oil prices hitting $100 a barrel. If Tehran seeks to escalate the conflict by retaliating beyond Israeli borders, it could seek to choke off the Strait of Hormuz, the world's most important gateway for oil shipping, writes ROI Energy Columnist Ron Bousso. ISRAELI STRIKE HITS CRUDE MARKET Israel launched widescale strikes against Iran on Friday, saying it targeted nuclear facilities, ballistic missile factories and military commanders during the start of a prolonged operation to prevent Tehran from building an atomic weapon. Alongside extensive air strikes, Israel's Mossad spy agency led a series of covert sabotage operations inside Iran, Axios reported, citing a senior Israeli official. These operations were aimed at damaging Iran's strategic missile sites and its air defence capabilities. Iran launched about 100 drones towards Israeli territory in retaliation, many of which have already been intercepted, according to an Israeli military official. Iran denied it had launched drones, the Fars news agency said. U.S. Secretary of State Marco Rubio called the Israeli offensive a "unilateral action" and said that Washington was not involved. Market reaction was swift. Crude prices jumped on Friday, amid fears that Israel's strike could spark additional Iranian retaliation that could disrupt oil supplies. Brent crude futures hit an intraday high of $78.50 per barrel, the highest since January 27, before settling back down around $74. Meanwhile, U.S. West Texas Intermediate crude reached a high of $77.62, its highest level since January 21, before settling back above $73 a barrel. A key investor concern now will be whether the latest developments will cause Iran to disrupt transit in the Strait of Hormuz. About a fifth of the world's total oil consumption passes through the strait, or some 18 to 19 million barrels per day (bpd) of oil, condensate and fuel. As geopolitical tensions rose, Gold climbed as high as $3,444.06 per ounce, bringing it close to the record high of $3,500.05 from April. "Traders are now on edge over the prospects of a full-blown Middle East conflict," said Matt Simpson, a senior market analyst at City Index. "That will keep uncertainty high and volatility elevated." WEEKEND READING SUGGESTIONS Here are some articles away from the day-to-day headlines that you may find interesting. 1. FED FOOTNOTE: Speculation about President Trump's willingness and ability to remove Federal Reserve Chair Jerome Powell has stoked concerns about Fed independence all year, though a recent Supreme Court ruling seemed to clear up the issue. But writing on the Project Syndicate site, Professor Barry Eichengreen argues that the footnote in the court ruling that supposedly protects the Fed came with no legal basis. "The note reads like a ChatGPT hallucination," he wrote, adding "arbitrarily exempting the Fed opens the door to arbitrarily not exempting the Fed." Advocates of Fed independence should be worried, he concluded. 2. 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COAL AND WATER: April marks the start of the cruelest months for residents of Solapur, a hot and dry district in western India. In peak summer, the wait for water taps to flow can stretch to a week or more. Reuters Krishna N. Das and Sarita Chaganti Singh show that since 2017 a new 1,320-megawatt coal-fired power plant run by state-controlled NTPC has started to compete with residents and businesses for water from the same reservoir. Chart of the day Friday's gains for Brent crude and WTI futures were the largest intraday moves for both contracts since 2022, when Russia's invasion of Ukraine caused a spike in energy prices. "A key question is whether the Iranian retaliation will be limited to Israel or if the leadership will seek to internationalize the cost of tonight's action by targeting bases and critical economic infrastructure across the wider region," RBC Capital analyst Helima Croft said in a note. TODAY'S EVENTS TO WATCH * University of Michigan June consumer survey (10:00 AM EDT); Canada April manufacturing sales * European Central Bank board member Frank Elderson speaks at IMF-WB annual conference for senior supervisors Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. (By Mike Dolan) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
