The Wall Street Journal (gated) report on likely ratchet higher in Middle East fighting to come:

• Hamas is regrouping its military forces for a potential return to fighting with Israel in Gaza
• mediators work to salvage the cease-fire that expires this weekend
• Hamas’ armed wing has appointed new commanders and begun mapping out where to position fighters in the event of a return to war, according to Arab officials who talk with Hamas
• has started repairing its underground tunnel network and has passed out leaflets to inexperienced new fighters on how to use weapons to mount a guerrilla war against Israel, these officials said

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This article was written by Eamonn Sheridan at www.forexlive.com.