US Bill Targeting World’s Major Tensions Passes House

There was no further escalation of tensions in the Middle East over the weekend after an alleged Israeli attack on Iran’s third largest city Isfahan, where drones/missiles are manufactured. In terms of the other major conflict, the US House passed the foreign aid bill to provide help to Ukraine.

• Iran downplayed the incident in Isfahan and Israel hasn’t confirmed it but satellite footage shows likely damage to an air base, according to the BBC. Markets viewed the strike as a warning shot from Israel and were relieved as prices normalised but they remain wary.
• The US foreign aid bill finally passed through the House on the weekend and is expected to pass the senate this week. It included $61bn of military help for Ukraine. Nato also approved air defence support for the besieged nation. It is hoped to slow Russia’s recent advance. There was also $9bn of economic assistance in the form of loans that won’t have to be repaid.
• The bill also included $17.3bn of military support for Israel and $9.1bn of humanitarian aid for Gaza. There was also $8.1bn for APAC, including Taiwan.
• Also, new sanctions against Iran were included in the bill. It will extend measures to include ships and refineries that process and transport Iranian crude. It will also cover all transactions to finance the purchase of oil products between China’s financial institutions and Iranian banks facing sanctions.
• There are reports that the US is considering sanctions against a conservative Israeli army unit for alleged human rights abuses, according to the BBC. PM Netanyahu has said he would fight them.
• There were explosions at a pro-Iranian militia base in Iraq, but the Iraqi military said that drones or planes had not been detected in the area at the time. The militia has said it was an attack though but the US has denied any involvement.