The Palestinian Islamic Jihad in the Gaza Strip announced a unilateral cease-fire Monday after its militants fired 14 rockets toward Israel during a second day of violence that threatened to spark wider hostilities only a week before the elections.

The Iranian-backed terror group said it had completed its “retaliation” for Israel’s killing of three members — but warned that it would respond to any further Israeli “aggression.”

Only two of the 14 rockets landed in Israeli territory, officials said. The Israel Defense Forces’ Iron Dome missile defense system intercepted the rest.

One rocket slammed into an empty kindergarten playground in the town of Sderot, where it caused damage but no injuries, according to the Times of Israel. The other hit an open field near Nir Am in the Sha’ar Hanegev region.

A few Israelis suffered minor injuries while running to bomb shelters, the news outlet reported.

After the volley, the IDF said it launched airstrikes against the Islamic Jihad in the Gaza Strip.

On Sunday, the militant group took responsibility for attacks in which some 30 rockets and mortar shells were fired at southern Israel, about half of which were intercepted by the Iron Dome. No injuries were reported.

The IDF then targeted the group in the Gaza Strip outside Syria’s capital of Damascus, killing three Jihad members along with four other pro-Iranian fighters, the Times of Israel reported.

The latest round of fighting began early Sunday when Israeli soldiers killed an Islamic Jihad member who was trying to plant explosives near Israel’s border fence with the Gaza Strip.

Images shared on social media of the dead militant sparked outrage and calls for retaliation that culminated with the rocket firings into Israel.

On Monday night, Islamic Jihad’s armed wing said it had “ended its military response to the crime of assassination in Khan Younis and Damascus.”

“(We) promise our people and our nation (we) will continue in (our) Jihad and will respond to any violation by the occupation against our people,” it said in its statement.

Hamas, the de facto ruler in the Gaza Strip, has stayed out of the hostilities, but Israel’s Army Radio reported that the IDF was prepared to target the terror group in addition to the Islamic Jihad, if necessary.

Israel did not immediately comment on the announced cease-fire.

Earlier in the day, Prime Minister Benjamin Netanyahu and Defense Minister Naftali Bennett warned that Israel would not hesitate to begin a major operation to prevent attacks on Israeli communities despite elections being only a week away.

Netanyahu said he “will not compromise Israel’s security for political reasons,” according to the Times of Israel. “War is a last resort, but there may be no escape from it. We’ve prepared a radically different campaign,” he said.

He added: “It could very well be that we may have to carry out — I don’t really want to say it, but — ‘the mother of all operations,’” he said on radio. “I’m not looking for a war. But we have prepared something you can’t even imagine.”

Netanyahu is seeking a fifth term in office after two inconclusive votes.

With Post wires