Israeli military operations in Lebanon remain concentrated in the south, where forces have established and consolidated a security zone near the border, including the capture and demolition of Hezbollah tunnel networks at the Ali al-Taher ridge in early September 2026. Recent activity has included artillery strikes, demolitions, and targeted raids on villages in districts such as Tyre and Bint Jbeil, alongside continued efforts to prevent Hezbollah re-infiltration. Framework agreements and U.S.-facilitated talks between Israel and Lebanon have emphasized Lebanese army deployment and gradual Israeli withdrawals from parts of the south, while airstrikes have occasionally reached Beirut's southern suburbs without any ground incursions into the capital municipality. Trader pricing reflects the absence of Israeli statements or movements indicating an advance on Beirut, the focus on localized buffer zones, and ongoing diplomatic and domestic political timelines that could influence escalation risks.