Terrorists opened fire on passengers after boarding a bus in Jerusalem on Sunday, killing five people and injuring 12 others, Times of Israel reported.
Seven of the injured were in serious condition, while five sustained light injuries.
The Israeli Prime Minister's Office said PM Benjamin Netanyahu is holding a situation assessment with security chiefs.
In a post on X, the Israeli PM's Office said, "Prime Minister Netanyahu is currently holding a situation assessment with the heads of the security system following the attack in Jerusalem."
The terrorists who carried out the deadly terror shooting attack at the Ramot Junction in Jerusalem used a makeshift "Carlo" submachine gun, otherwise known as a Carl Gustav.
The terrorists are West Bank Palestinians, according to security officials. The pair are believed to have set out from villages in the Ramallah area, as per The Times of Israel.
The improvised gun is commonly manufactured at illegal workshops in the West Bank and has been used in numerous Palestinian attacks in the past, as per The Times of Israel.
Both gunmen were shot and "neutralized" at the scene. Their identities and conditions are not immediately known.
Opposition Leader Yair Lapid expressed support for Israeli security forces "in their efforts to thwart terrorism" following this morning's shooting attack in Jerusalem.
The far-right lawmakers called for total war against "enemy" Palestinians.
Meanwhile the Hamas praised the deadly terror attack at Ramot Junction in Jerusalem, calling it a "heroic operation," as per The Times of Israel.
"We affirm that this operation is a natural response to the occupation's crimes and war of extermination it is waging against our people," the terror group says in a statement.
Hamas does not take responsibility for the attack, but calls on West Bank Palestinians to "escalate the confrontation with the occupation and its settlers."
Following the attack, the IDF said that its troops are encircling several Palestinian villages on the outskirts of Ramallah in the West Bank.