Israel on Monday announced laying a "complete siege" to the Gaza Strip amid intensified fighting with the Palestinian Hamas group.

“I have ordered a complete siege to the Gaza Strip,” Israeli Defense Minister Yoav Gallant said following an army's assessment session, according to the Times of Israel news website.

“There will be no electricity, no food, no fuel, everything is closed (to Gaza)," Gallant added.

Early on Monday, the Israeli army confirmed that it had struck over 500 targets in Gaza during overnight raids, claiming they were Hamas and Islamic Jihad targets.

The Gaza-based resistance group Hamas launched Operation Al-Aqsa Flood against Israel early Saturday, firing a barrage of rockets. It said the surprise attack was in response to the storming of Al-Aqsa Mosque in occupied East Jerusalem and increased settler violence.

In retaliation, the Israeli army launched Operation Swords of Iron against Hamas in the Gaza Strip, killing 493 Palestinians and wounding at least 2,751 others.

At least 700 Israelis have been killed and over 2,300 others wounded in the fighting, according to the Israeli Health Ministry.