On Tuesday, Israel struck a Hamas military post in Gaza, saying it was in response to militant fire at Israeli troops.
Palestinians militants have also fired rockets into Israel and the Israeli military has carried out dozens of air strikes in the enclave.
Over the past four months, 158 Palestinians have been killed by Israeli fire, including at least 120 in the protests near the fence and others in Israeli air strikes and other incidents elsewhere in Gaza, according to the Gaza Health Ministry and a local rights group.
The agreement stipulates Gaza's Rafah border crossing to Egypt will be permanently opened and the Kerem Shalom crossing, the blockaded enclave's only intake point for commercial goods, will ease restrictions "dramatically", according to the report.
"The Hamas terrorist organization is responsible for everything in and out of the Gaza Strip and will bear the consequences for the acts of terror perpetrated against Israeli civilians", the IDF said.
Three Israelis were reported wounded in a rocket attack on the southern city of Sderot.
A Hamas militant was also killed in one of the strikes, while at least 12 people in Gaza were reportedly injured, health officials said.
The military said that it identified 36 rockets fired from Gaza at Israel and that the Iron Dome defense system intercepted several of them.
The area where the rockets fell have been closed off by the police as bomb disposal units were called to the scene.
Injured person is taken to ambulance after a missile from Gaza Strip hit in the town of Sderot, Israel, Wednesday, Aug. 7, 2018.
A video has been circulating on social media that captures the terror that Israelis endure when Hamas launches rockets at them.
"Hamas hit the "enemy" with a large number of rockets", it said.
United Nations and Egyptian-led efforts are under way to mediate a long-term truce between Israel and Hamas that would end a four-month surge of violence along the Israel-Gaza border.
The flare-up came after officials on both sides had talked about potential progress in U.N and Egyptian efforts to broker a truce to end months of simmering violence.
Additionally, terrorists from the Gaza Strip ignited at least 11 fires throughout southern Israel that had to be extinguished by Israeli firefighters.
One Israeli soldier has been shot dead by a Palestinian sniper.
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