I figured since the situation is still ongoing, a megathread may be easier to follow.

Live stream from Gaza : https://www.youtube.com/watch?v=IxVLf4OMIO0

Live stream showing IDF troops near Gaza: https://www.youtube.com/watch?v=poUb9MaMXog

Some general info to know:

• the conflict erupted in the evening of May 11 (local time) as Israel was moving settlers into the town of Sheik Jarrah AND moving worshippers from the Al-Aqsa mosque, the third most important mosque to Islam, on the second to last day of Ramadan. Protests erupted and the IDF was sent in to stop them and disperse the crowd, and violence ensued.
• In retaliation, several Muslim countries and groups came in support of Palestine, and Palestinian militaries (Hamas and Jihad) started launching rockets at military and industrial targets in Israel.
• The situation has been ongoing since then and has escalated. Israel has launched missiles to Gaza in retaliation, hitting civilian targets (however the buildings seemed empty).
• As of 5pm today (local time), 56 Palestinian civilians died at the hands of the Israeli strikes, including 14 children. A couple civilian deaths were recorded in Israel in the same timeframe.
• Israel has an aerial defence system called the iron dome that basically launches missiles as soon as it detects a rocket to collide in mid-air. That system costs 50k-100k$ per rocket intercepted, while Hamas rockets cost 400$ to produce. It seems to be a matter of who has the biggest stockpile and who will run out first. Clearly the system is overwhelmed as there are many videos of Gaza rockets hitting their target.
• Clashes are erupting in Israeli territory against Arabs (even if they are citizens) and Palestinians. Nationalist Israeli groups are going around targeting people and their shops.

Update on casualties: 181 Palestinians killed, including 52 children and 31 women, 1225 wounded so far.