Israel allocates $434 million for 34 new West Bank settlements

JERUSALEM, July 14 (Reuters) - Israel's security cabinet approved a budget of 1.3 billion shekels ($434 million) for establishing 34 new settlements in the occupied West Bank, right-wing Finance Minister Bezalel Smotrich said on Tuesday, adding to tensions over territory widely viewed as central to a potential Palestinian state. U.N. bodies, Palestinians and most countries view the settlements as illegal under international conventions - a stance disputed by Israel - and a primary obstacle to…