Rescuers pulled bodies from the rubble in Beit Lahia on Tuesday after an overnight Israeli strike that Gaza's civil defence said killed 93 people in a residential building.

Bodies wrapped in shrouds lay in rows as mourners gathered, with witnesses saying many of those killed were women and children.

Around 40 people remained missing under the debris, the civil defence agency said.

Its spokesman, Mahmud Bassal, described the complete destruction of a five-storey home, adding that the area lacked medical facilities to treat the wounded.

An official from the UN agency for Palestinian refugees, banned by Israel this week, said Tuesday the organisation was "irreplaceable" as its network helps sustain the people of war-ravaged Gaza.

Despite international concerns, including from Washington, Israeli lawmakers on Monday overwhelmingly voted to bar the agency, UNRWA, from operating in Israel and east Jerusalem.

For more than seven decades, UNRWA has provided critical support to Palestinian refugees.

Iran's government has proposed tripling its military spending, an official said Tuesday, as tensions with arch-rival Israel rise following recent tit-for-tat missile strikes.

Government spokeswoman Fatemeh Mohajerani outlined the move that would see "a significant increase of more than 200 percent in the country's military budget" at a news conference in Tehran, without elaborating.

Tehran has not disclosed any exact figures, but according to the Stockholm International Peace Research Institute (SIPRI) think tank, Iran's military spending in 2023 was about $10.3 billion.

Germany and the European Union on Tuesday strongly condemned Iran's execution of a 69-year-old German-Iranian dissident after years behind bars and warned they were considering retaliatory measures.

Chancellor Olaf Scholz called Jamshid Sharmahd's execution on Monday a "scandal" and Foreign Minister Annalena Baerbock warned Iran's "inhumane regime" of "serious consequences".

Iran's Foreign Minister Abbas Araghchi doubled down and poured scorn on her comments, writing on X that "a German passport does not provide impunity to anyone, let alone a terrorist criminal".

Global commodity prices should fall to a five-year low next year thanks to a huge oil glut, the World Bank said Tuesday, pointing to oversupply and to flat demand from China.

"Next year, the global oil supply is expected to exceed demand by an average of 1.2 million barrels per day," the Bank announced in its latest report on global commodity markets, adding that this scale of oversupply has been exceeded only twice before, in 1998 and 2020.

Naim Qassem, 71, was one of Hezbollah's founders in 1982 and had been the party's deputy secretary general since 1991, before being thrust into the top job by Israel's killing of Hassan Nasrallah.

Qassem, a member of the group's governing Shura Council, had long operated in the shadow of Nasrallah, a towering leader who was one of the most enigmatic and influential figures in the Middle East.

He was named as Hezbollah's new leader on Tuesday, more than a month after Nasrallah's killing in a huge Israeli strike in Beirut's southern suburbs.

Lebanon's Hezbollah movement announced Tuesday it has chosen deputy head Naim Qassem to succeed Hassan Nasrallah as leader after his death in an Israeli strike on south Beirut last month.

"Hezbollah's (governing) Shura Council agreed to elect... Sheikh Naim Qassem as secretary general of Hezbollah," the Iran-backed group said in a statement, more than a month after Nasrallah's killing.

Hezbollah pledged to keep "the flame of resistance burning" until victory is achieved against Israel after all-out war erupted on September 23.

Gaza's civil defence agency said Tuesday that an overnight Israeli air strike killed 93 people in a residential building in the northern district of Beit Lahia.

"The number of martyrs in the massacre of the Abu Nasr family home in Beit Lahia has risen to 93 martyrs, and about 40 are still missing under the rubble," agency spokesman Mahmud Bassal told AFP in an updated toll.

The Israeli military said it was "looking into the reports".

Israeli bombardment of Lebanon forced Mohammed Fawaz and his family to flee so often that they finally moved many kilometres (miles) away to find respite in central Iraq.

"Wherever we went, danger followed," the 62-year-old white-haired Lebanese man told AFP in the small town of Al-Qassem, sitting with his wife and daughter.

"That's when I thought of Iraq. It was the only way I could see to escape the danger after we saw death with our own eyes."

Saudi officials on Tuesday lamented the economic strain of regional conflicts as the kingdom's sovereign wealth fund told an investor forum it was cutting the proportion of its overseas investments.

Despite a performance by South African opera singers and a remote appearance by Elon Musk, the mood at the glitzy Future Investment Initiative (FII), sometimes called "Davos in the desert", was clouded by Israel's wars with Hamas in Gaza and Hezbollah in Lebanon.