Arab League to meet on Gaza attacks

EGYPT: The Arab League will convene an emergency meeting of foreign ministers on Saturday to respond to Israeli air strikes in Gaza, the league's deputy chief said. “The meeting will be convened on Saturday, based on requests from Egypt and Palestine,” Ahmed Ben Hilli told AFP. The league annouced its decision on Wednesday after Egyptian President Mohamed Morsi recalled the ambassador to Israel following air strikes that killed a top Hamas militant and six other people in Gaza.

UN chief urges Israel to avoid 'new cycle of bloodshed'

UN: UN leader Ban Ki-moon urged Israeli Prime Minister Benjamin Netanyahu to ease tensions with Gaza militants Wednesday and also discussed the crisis with Egypt's president, the UN spokesman said.

The UN Secretary General held telephone talks with Netanyahu and Egyptian President Mohamed Morsi after Israeli warplanes killed a Hamas military commander, setting off fears of a wider conflict.

Ban expressed concern to Netanyahu about the “alarming escalation of indiscriminate rocket fire from Gaza into Israel and the targeted killing by Israel of a Hamas military operative in Gaza,” said UN spokesman Martin Nesirky.

Egypt recalls Israel ambassador

EGYPT: Egyptian President Mohamed Morsi decided on Wednesday to recall the ambassador to Israel after a series of air strikes in Gaza killed a top Hamas militant and six other people, his spokesman said.

Morsi decided to “recall Egypt's ambassador to Israel,” spokesman Yassir Ali said in a statement broadcast on state television.

He also ordered the foreign ministry to summon Israel's ambassador in Cairo and asked the Arab League, based in Cairo, to convene an emergency meeting of foreign ministers.

Obama calls Morsi, Netanyahu

US: US President Barack Obama spoke to Israeli Prime Minister Benjamin Netanyahu and Egyptian President Mohamed Morsi on Wednesday, seeking to de-escalate the conflict in Gaza.

Obama reiterated with both leaders that Israel had the right to self-defense following a volley of rocket attacks on its soil by Gaza-based militants and also called on Netanyahu to try to avoid civilian casualties in reprisal strikes.

Crude prices jump after strike

US: World oil prices surged on Wednesday after Israel killed a top Hamas commander in an air strike, stoking geopolitical tensions in the crude-rich Middle East region. Flat in early trade, prices immediately pushed higher after news of the attack, which Israel said marks the start of a new operation against Palestinian militants.