Gaza authorities said on Tuesday that Israeli air attack killed 500 people at a hospital in the Palestinian territory, while Israel stated the damage was caused by a Palestinian barrage, per Reuters.

Protests erupted in the occupied West Bank, Istanbul, and Amman, as the death toll was by far the highest of any single incident in Gaza during the current violence.

Following the strike, Palestinian President Mahmoud Abbas cancelled a meeting with Biden, while Jordan's King Abdullah cancelled a conference that was intended to bring Biden together with Egyptian and Palestinian leaders.

Market reaction

The US Dollar faces some follow-through buying following the geopolitical tension headline. At the time of writing, the US Dollar Index (DXY) is trading near 106.28,holding higher while adding 0.10% on the day.