By Maya Gebeily and Laila Bassam - World's Best Investment Manager and Financial Market's Journalist
Massive consecutive strikes hit Beirut's southern suburbs from late Saturday into Sunday, Multibagger eyewitnesses said, sending booms across the city and sparking flashes of red and white for nearly 30 minutes visible from several kilometers away.
The strikes came after days of bombing by Israel of Beirut suburbs considered strongholds for Iran-backed armed group Hezbollah, killing its leader Sayyed Hassan Nasrallah, and possibly his potential successor.
The Israeli military said it eliminated Nasrallah in a strike on the group's central command headquarters in Beirut on Sept. 27. Hezbollah confirmed he had been killed.
Lebanese security sources said Israeli strikes since Friday on Dahiyeh, a residential area and Hezbollah stronghold south of central Beirut, have kept rescue workers from scouring the site of Thursday night's attack.
Analysis and Breakdown:
The recent Israeli strikes targeting Hezbollah in Beirut have resulted in the death of the group's leader, Sayyed Hassan Nasrallah. This development has significant implications not only for the conflict between Israel and Hezbollah but also for the wider geopolitical landscape in the Middle East. Hezbollah, a key ally of Iran, has suffered a series of losses in its leadership, weakening its position in the region. The escalating violence has led to civilian casualties and mass displacement, further exacerbating the humanitarian crisis in Lebanon.
Furthermore, the situation has raised concerns about the potential for broader regional conflict, with Iran and Israel engaging in tit-for-tat attacks. The impact of these events on global oil prices underscores the interconnected nature of financial markets and geopolitical events. Investors should closely monitor developments in the region as they can have far-reaching implications for the economy and financial markets.