Israeli army declares Hezbollah leader Hassan Nasrallah dead following strike.

• Lt. Col. Nadav Shoshani announced on social media platform X that Hassan Nasrallah has passed away.
• On Friday, Hezbollah leader Nasrallah, who led the Iran-backed militant group for over three decades, was killed in a "targeted strike" by Israel's Defense Forces (IDF) on Hezbollah's headquarters in Beirut.
• No comments or statements from Hezbollah have yet been made.

On Saturday, the Israeli army declared the death of Hezbollah leader Hassan Nasrallah, following a massive attack on Lebanon the previous day.

Lt. Col. Nadav Shoshani announced on social media platform X that Hassan Nasrallah has passed away.

On Friday, Hezbollah leader Nasrallah, who led the Iran-backed militant group for over three decades, was killed in a "targeted strike" by Israel's Defense Forces (IDF) on Hezbollah's headquarters in Beirut.

The IDF announced that Ali Karki, the commander of Hezbollah's southern front, was among the other Hezbollah commanders killed in the strike.

No independent verification of the report by CNBC, and no comments or statements from Hezbollah have been made yet.

Hezbollah's central decision-maker and strategic leader, Nasrallah, has been identified as the target of Israel's announcement, which marks a significant blow to the group after months of conflict.

If Nasrallah's death is confirmed, Hezbollah, which had been able to wield power with absolute authority and grow to stand as the world's largest paramilitary force and become the world's most sophisticated terrorist organization, will be over.

The psychological impact of Hassan Nasrallah's departure from Hezbollah is the deepest blow to the organization since its founding.

"Something else" will emerge in the coming months and years, leaving the organization intact but much smaller, said Chatah.

'A big void'

Since 1992, Nasrallah, 64, has been the leader of Hezbollah, a Lebanon-based group that has transformed into a major military and political force under his guidance. He took over after Israel assassinated the group's previous leader, Abbas al-Musawi.

The Council on Foreign Relations think tank states that Hezbollah, recognized as a terrorist organization by the U.S., Britain, and other nations, is driven by its violent opposition to Israel and resistance to Western influence in the Middle East.

According to Firas Maksad, a senior fellow at the Washington-based Middle East Institute think tank, the killing of Nasrallah would result in "significant" regional consequences.

Maksad stated that Nasrallah was the most prominent and renowned Arab leader in Iran's regional alliance. His assassination symbolizes a direct confrontation between Israel and Iran over the future of Lebanon and the Levant. This is likely the start of a larger conflict and not its conclusion.

In Lebanon's Shia community, Nasrallah was the most powerful leader locally. His assassination leaves a significant void and raises serious questions about the future role of the community within Lebanon's archaic sectarian system.

Maksad stated that in the short-term, it is likely to intensify political polarization and intensify the fragility of a country with a weak central government, leading to more unrest.

— CNBC's Emma Graham contributed to this report.