Israel is on high alert as it prepares for potential retaliatory attacks from Iran and regional militias following the recent assassinations of senior Hezbollah and Hamas officials.

Prime Minister Benjamin Netanyahu, speaking at a cabinet meeting on Sunday, declared that Israel is in a multifront war against what he termed Iran’s “axis of evil,” and stressed that the country is ready to confront any scenario, both offensively and defensively.

In response to these escalating threats, the United States has bolstered its support for Israel by moving a fighter jet squadron to the region and keeping an aircraft carrier nearby.

The US is also urging Netanyahu to intensify negotiations for a Gaza cease-fire to prevent the nearly 10-month-long conflict from further escalating.

The cease-fire, if achieved, is expected to alleviate regional tensions, especially with Hezbollah already launching attacks on Israel in solidarity with Gaza.

During a video call on Sunday, the Group of Seven (G-7) foreign ministers expressed deep concerns about the risk of a broader regional crisis.

US Secretary of State Antony Blinken emphasized the urgent need for de-escalation in the Middle East, warning that an attack on Israel by Iran and Hezbollah could commence as early as Monday.

Blinken’s caution came amid intelligence indicating that the attacks could begin within the next 24 to 48 hours.

The financial markets have reacted to these developments, with the Israeli shekel falling for the sixth consecutive day to its weakest level since November.

Israeli stocks experienced their worst decline since October, further reflecting the growing anxiety over potential conflict.

In a rare diplomatic move, Jordan’s Foreign Minister Ayman Safadi visited Tehran on Sunday, underscoring the gravity of the situation.

Meanwhile, US Deputy National Security Advisor Jon Finer called for all parties to return to negotiations, highlighting that a Gaza cease-fire could delay any retaliatory actions.

Netanyahu blamed Hamas for complicating the cease-fire negotiations by constantly changing their demands, although some sources claim that Israel has also shifted its positions, making an agreement more elusive.

Leaders of both Iran and Hezbollah have vowed to respond to the assassinations, stating that red lines have been crossed and retaliation is imminent.

Israeli officials anticipate that any assaults will likely be simultaneous and could involve Hezbollah in Lebanon, the Houthis in Yemen, and potentially Iran itself.

This follows an incident in April where Iran launched over 300 projectiles at Israel after the killing of two Iranian generals in Syria, most of which were intercepted by Israel and its allies.

The Israeli government is taking precautionary measures, including scrambling GPS systems in Tel Aviv to make it harder for attacks to succeed.

Cabinet members have also been equipped with satellite phones to maintain communication should conventional phone lines be disrupted by shelling or cyberattacks.

The escalating conflict has disrupted travel, with major airlines such as Delta, United, and Lufthansa suspending flights to and from Israel.

El Al, Israel’s national carrier, is working to add flights to bring home Israelis stranded abroad, and the transport ministry has plans to use navy boats to ferry citizens from Cyprus if necessary.

Adding to the tensions, a Palestinian assailant from the West Bank stabbed and killed two elderly Israelis in Holon, near Tel Aviv, on Sunday morning before being shot dead by police.

In Gaza, Israeli military strikes targeted two schools in Gaza City, which they claimed housed Hamas command-and-control centers.

Palestinian officials reported that the schools were shelters for displaced individuals, resulting in at least 30 deaths.

Despite the intense situation, diplomatic efforts continue. An Israeli delegation visited Egypt over the weekend to discuss Gaza war talks, though no immediate breakthrough was achieved.

John Kirby, spokesperson for the White House’s National Security Council, expressed optimism that the gaps in negotiations are narrow enough to close.

President Joe Biden has reiterated to Netanyahu that achieving a cease-fire deal is critical, especially given the heightened risk of regional conflict.