Israel imposed a total siege on the Gaza Strip on Monday and cut off the water supply and electricity, as it kept bombing the Palestinian enclave from the air in response to an unprecedented incursion from Hamas fighters on Saturday. 

Israel formally declared a war on Sunday. According to Reuters, Israel has counted over 700 dead and launched a barrage of strikes on Gaza that have killed 560 people there. 

Gaza will have no electricity, food or fuel, Israeli Defense Minister Yoav Gallant said.

Foreigners killed

The US said nine Americans were killed in Israel and other citizens were missing.

"At this time, we can confirm the deaths of nine US citizens. We can confirm that there are unaccounted-for US citizens, and we are working with our Israeli partners to determine their whereabouts," State Department spokesperson Matthew Miller said in a statement.

Several countries, including Thailand, Nepal and Ireland have reported missing citizens after the clashes that started on Saturday. 

According to the BBC, more than 10 Britons are feared dead or missing in Israel. However, Britain's Foreign Office declined to comment on the report.

Saturday's Hamas incursion, which also included them taking many Israeli hostages, is seen as a grave intelligence failure in the country’s 50-year history.  

"We hope for a rapid de-escalation of the conflict and end to the violence. The World Bank and our development partners have long worked to support the poorest, most vulnerable people in the West Bank and Gaza, and we remain committed to building the foundations for a more stable and sustainable future," Reuters reported citing an internal World Bank memo seen by the news agency. 

Many international carriers have suspended flight services to or from Tel Aviv. Abu Dhabi-based Etihad Airways cancelled its flights between the UAE capital and Tel Aviv on Monday.  Emirates confirmed the airline’s flights to Tel Aviv are operating without change.

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On Monday morning, oil prices jumped more than $3 in early Asian trade as clashes in the Middle East rattled markets. The conflict is likely to lead to higher oil volatility, according to experts.  

Israel’s Ministry of Energy has told Chevron to shut production in its gas platform in the eastern Mediterranean. Gas prices rose as much as 12% on Monday, Reuters reported.    

(Writing by Seban Scaria seban.scaria@lseg.com; editing by Brinda Darasha)