UN official Wennesland hints full-scale war between Israel and Palestine

Amid the escalating tensions in the Middle East, especially between Israel and Palestine, the members of the United Nations (UN) held a secret meeting by late Tuesday.

Following the discussion, UN Special Envoy to the Middle East Peace Process Tor Wennesland said, per local media, "Stop the fire immediately. We’re escalating towards a full-scale war. Leaders on all sides have to take the responsibility of de-escalation."

The UN diplomat also urged that the the cost of war in Gaza is devastating & is being paid by ordinary people.

Market implications

The news offers a helping hand to the oil prices that are already on the front foot around $65.50 amid the early Wednesday morning in Asia. However, cautious sentiment ahead of the key US inflation data keeps the commodity bulls pressured.

Read: WTI: Firmer around mid-$65.00s despite softer draw in API oil inventories