The strikes started at around 11:30 p.m. Tuesday and continued into Wednesday morning, hitting a Hamas military compound and a weapons manufacturing site in Khan Yunis, the Israeli Air Force said.
"Our fighter jets and aircraft struck additional Hamas targets in Gaza," the Israel Defense Forces said on Twitter.
The fighting between both sides reignited late Tuesday after a day of calm.
The Israeli Airforce said its attack was in retaliation for an earlier rocket fired from Gaza at Eshkol Regional Council and residents of Gaza crossing the security fence and igniting camouflaged netting.
In response, a short while ago, IAF fighter jets struck several terror targets in the southern Gaza Strip, including a Hamas military compound and a weapons manufacturing warehouse in Khan Yunis— Israeli Air Force (@IAFsite) March 26, 2019
Both the Palestinian militant group Hamas and the Iran-back Palestinian terrorist organization Islamic Jihad said the rocket was fired by "rogue elements" without their permission.
However, the Israeli Air Force said it holds Hamas "responsible for all events transpiring in the Gaza Strip or emanating from it."
A second rocket was then shot from Gaza at Ashkelon, triggering air-raid sirens at around 4 a.m. throughout southern Israel, the Israel Defense Forces said, adding the rocket was intercepted by the Iron Dome defense system.
4:00AM: Israeli families are woken up again by the sound of air-raid sirens from Hamas rocket fire.— Israel Defense Forces (@IDF) March 27, 2019
The Iron Dome aerial defense system intercepted the rocket.
Israel invests in protecting lives, Hamas invests in taking them.
There have been no reports of injuries.
The Wednesday airstrikes follow weeks of escalating tensions that have resulted in an increasing frequency of military exchanges with the latest round of fighting starting early Monday morning when seven Israelis were wounded after a rocket from Gaza landed on their house.
Later that day, there were reports that an Egypt-brokered cease-fire was agreed to, but within an hour of it supposedly having gone into effect, both sides reported being attacked.
Israel denied an agreement was ever in place.
"I don't believe we will find solutions," Finance Minister Moshe Kahlon said Tuesday. "I don't believe there is a ceasefire."
Israeli Prime Minister Benjamin Netanyahu said he will "not tolerate" the rocket strike and said Israel will do "whatever we must do" to defend itself.
Netanyahu cut short his trip to Washington, D.C, for the AIPAC policy conference, returning to Israel Tuesday for meetings concerning a response to renewed Hamas aggression.
Egypt was expected to dispatch a delegation of mediators to Gaza Wednesday to renew ceasefire talks.