Israel's president voiced hope on Wednesday (Oct 28) for avoiding a second election after a hard-fought vote produced no clear winner, leaving Prime Minister Benjamin Netanyahu and the opposition scrambling for options and making Israeli Arab parties possible kingmakers.

With more than 85 per cent of ballots counted, Netanyahu's right-wing bloc was slightly ahead but still short of a majority after Tuesday's election, the first since the Oct 7, 2023 attack that led Israel to wage war in Gaza and across the region.

Both Netanyahu, Israel's longest-serving prime minister who is allied with far-right and ultra-Orthodox Jewish parties, and Gadi Eisenkot, a former military chief leading a broad opposition bloc, said they would seek to form the next government.

But neither looks set to reach the 61-seat threshold, with Netanyahu's bloc projected to win 53 of the 120 seats in parliament and Eisenkot's opposition set for 48.

The final results could still change, but one group which made clear gains was Israeli Arabs, whose seats were set to jump to 19.

"We must do everything we can, certainly after yesterday, to avoid another round of elections," said President Isaac Herzog, who is tasked with determining which candidate to tap to form a government, urging parties to keep "an open mind".