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HighIII Kinetic Conflicts & Defence28 October 2026, Wednesday · 12:04 TRT (UTC+3)

Netanyahu's bloc stalls at 54 seats, leaving the Iran decision hanging

Partial results from the Central Elections Committee on 28 October, with 76.8% of ballots counted, give Netanyahu's bloc 54 seats, Eisenkot's bloc 47 and the Arab parties 19. A majority requires 61. Netanyahu said he wants to form a government with the aim of removing the Iranian threat.

Location: JERUSALEM

According to Central Elections Committee data cited by the Times of Israel, the count reached 76.8% at 10:58 Israel time on 28 October. Netanyahu's bloc stood at 56 seats with 66.2% counted and slipped to 54 as counting progressed. Ynet reported that with 70.7% counted, Likud had 27 seats, Eisenkot's Yashar list 20 and the Joint List 13. Around 600,000 double-envelope ballots, most of them from soldiers, may not be fully counted until Friday.

The exit polls on 27 October did not agree. According to Ynet, Channel 12's updated poll gave Netanyahu's bloc 52 seats and Eisenkot's bloc 49. Updated polls from Kan 11 and Channel 13 showed the two blocs tied at 51. The Times of Israel says turnout of 77.7% was the highest since 1999. Eisenkot said the public had chosen change, while Netanyahu said the Zionist majority must unite; both sides claim they will form the government.

The picture on 28 October bears directly on the Iran decision. The Times of Israel reports that Netanyahu said on 28 October he wants to form a strong right-wing government and remove the existential threat from Iran. The same source says the Wall Street Journal reported that the US told some Gulf states to be ready for a brief, intense operation after the 3 November midterms. Qatari mediators also presented Iran with a new draft to end the war on 28 October, and Tehran is expected to respond by the weekend. The shekel lost about 1% against the dollar on the morning of 28 October, weakening to 3.0843.

Talay assessment

Bottom line

Neither bloc has reached 61, and the picture will not be final until 600,000 double-envelope ballots are counted. That means any decision on a possible US-Israeli operation after 3 November will most likely be taken by a caretaker Netanyahu government. Netanyahu's rhetoric on 28 October shows the ballot result has not changed his Iran objective.

Likely effects

  • Iran frontNegativeWeeks

    If a coalition cannot be formed for weeks, the Iran decision falls to a caretaker government; Netanyahu could use a strike as a unifying issue at home.

  • Israeli marketsNegativeWeeks

    Uncertainty weakened the shekel by about 1% on the morning of 28 October; the risk premium stays high while coalition talks drag on.

  • TürkiyeUncertain1–6 months

    Netanyahu continuing with a right-wing coalition keeps tension with Ankara alive over Gaza and Syria; an Eisenkot government might soften the tone but would not change Iran policy.

Possibilities, ranked

  1. 1
    Protracted coalition talks, caretaker Netanyahu55%

    Double-envelope ballots do not change the picture, government formation stretches over weeks and Netanyahu stays on as caretaker prime minister.

    Watch: Friday's double-envelope count and the president's decision on who receives the mandate

  2. 2
    Netanyahu forms a right-wing coalition30%

    Votes for parties below the threshold and soldiers' ballots bring Netanyahu's bloc close to 61, and a right-wing government is formed.

    Watch: Netanyahu's bloc nearing the 61 threshold in the final result

  3. 3
    Eisenkot government15%

    Eisenkot forms a government with outside support from the Arab parties.

    Watch: The Joint List and Ra'am announcing outside support

Probabilities are calibrated judgement based on the sources, not measurement, and are revised as new information arrives. Not investment advice.

Market reaction

Indicators affected

  • Netanyahu bloc (76.8% counted)▼ 54
  • Majority threshold▼ 61
  • USD/ILS▼ 3.0843

Sources

  1. Times of Israel — Liveblog, 28 October 2026
  2. Ynet — Israel election results: Netanyahu bloc drops to 54 seats as Arab parties rise to 18
  3. Ynet — Revised exit polls show Netanyahu bloc pulling ahead, Likud largest as Arab parties surge
  4. Times of Israel — Liveblog, 27 October 2026
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