Israeli Prime Minister Naftali Bennett has said security forces neutralised a "ticking time bomb" when they killed three Islamic Jihad gunman in the early hours of Saturday morning poised to carry out a terror attack.

Speaking on Saturday ahead of a meeting with Israel's domestic security chiefs, Mr Bennett also warned that the past week of terror in which 11 Israelis have been murdered may only be the start of a sustained wave of attacks.

Referring to the overnight raid in which the three Palestinian operatives were killed, Mr Bennett said security forces “thwarted a ticking time bomb.” Officials said the cell planned to cross into Israel from the West Bank and carry out a shooting attack.

One elite IDF commando was seriously injured in the operation. Mr Bennett said: “Our people act with great bravery, around the clock, in a hostile and violent environment, and I want to send a speedy recovery to the wounded in the operation.”

On Thursday night, Israel launched a mission in the West Bank dubbed “Operation Breakwater”, arresting 31 on suspicion of terrorism. And four battalions—from the Givati, Kfir, Nahal and Home Front Command Search and Rescue Brigades— cut short their training and took up positions in West Bank hot spots as part of the counter-terror offensive.

"We are in the midst of a joint effort of all the security forces to stop the wave of recent attacks and restore security to Israeli citizens,” Mr Bennett said, speaking alongside Shin Bet chief Ronen Bar and his military secretary Avi Gil.

There is also concern among Israeli officials that the onset of Ramadan could provide the setting for further violence among Palestinains.