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Obama said he had been in regular contact with Egyptian and Turkish leaders - to secure their mediation in bring about a halt to rocket barrages by Hamas and other Islamist militants.
“We’re going to have to see what kind of progress we can make in the next 24, 36, 48 hours,” he added.
In other air raids on Sunday, two Gaza City media buildings were hit, witnesses said. Eight journalists were wounded and facilities belonging to Hamas’s Al-Aqsa TV as well as Britain’s Sky News were damaged.
An employee of the Beirut-based al Quds television station lost his leg in the attack, local medics said.
The Israeli military said the strike targeted a rooftop “transmission antenna used by Hamas to carry out terror activity”, and that journalists in the building had effectively been used as human shields by Gaza’s rulers.
Egyptian President Mohamed Mursi said in Cairo, as his security deputies sought to broker a truce with Hamas leaders, that “there are some indications that there is a possibility of a ceasefire soon, but we do not yet have firm guarantees”.
Egypt has mediated previous ceasefire deals between Israel and Hamas, the latest of which unravelled with recent violence.
A Palestinian official told Reuters the truce discussions would continue in Cairo on Sunday, saying “there is hope”, but that it was too early to say whether the efforts would succeed.
U.N. Secretary-General Ban Ki-moon will be in Egypt on Monday for talks with Mursi, the foreign ministry in Cairo said. U.N. diplomats earlier said Ban was expected in Israel and Egypt this week to push for an end to the fighting.
The head of the Arab League and a group of Arab foreign ministers will visit Gaza on Tuesday to show solidarity with the Palestinians, officials said in Cairo.