Hezbollah Chief Sayyed Hassan Nasrallah Killed in Israeli Airstrike - Impact on Financial Markets and Geopolitics
By Kinda Makieh and Firas Makdesi
Flags flew at half-mast in Damascus on Sunday as residents were left in shock following the killing of Hezbollah's chief Sayyed Hassan Nasrallah. Nasrallah, whose fighters played a crucial role in helping Syria's army reclaim large parts of the country during its civil war, was killed in an Israeli airstrike on Beirut's southern suburbs. This incident comes amidst escalating hostilities between Hezbollah and the Israeli military, coinciding with the Gaza war.
Syria has declared three days of national mourning, with President Bashar al-Assad honoring Nasrallah's memory, stating that he will "remain in the memory of Syrians".
In Damascus, residents expressed disbelief over Nasrallah's death. "He can't die. He always dreamed of martyrdom, and while this is fitting, it's still so hard to accept," said Marwa Barkouka. "He remains alive, not just as a martyr but because he lives inside us. We grew up with him here."
Nasrallah's involvement in the Syrian conflict began in 2012 when he called for reform in the country. However, he later committed Hezbollah to fighting alongside Assad to prevent Syria from falling to Sunni jihadi radicals, the United States, and Israel. Many attribute Hezbollah's intervention to key victories in various Syrian cities.
Despite Nasrallah's significant role in the region, his actions alongside Assad's allies Iran and Russia further strained relationships with the Sunni Arab world and deepened sectarian tensions.
Assad, who was isolated by the broader Arab world for a decade, saw Syria welcomed back into the Arab League last year. While the Arab League decided to stop labeling Hezbollah as a "terrorist organization," ties with the Gulf states remained strained.
"For someone of his stature, the entire Arab nation didn't defend him; they left him," said Baker Haidar Al-Wasiti, a Damascus resident. "We grew up hearing his voice. We always looked to him to lift our spirits," he added.
Analysis:
The killing of Hezbollah's chief Sayyed Hassan Nasrallah in an Israeli airstrike has significant implications for the financial markets and geopolitics in the region. Nasrallah's role in supporting Syria's army during its civil war and his involvement in various conflicts have shaped the dynamics of the Middle East. The escalation of hostilities between Hezbollah and Israel, along with the impact on relationships with Sunni Arab nations, could have far-reaching consequences. Investors and individuals following global events should closely monitor developments in the aftermath of Nasrallah's death to assess potential risks and opportunities in the region.