This conflict is pretty much as old as Israel itself, but has flared up and spawned several questions lately.
Should we create a tag for questions about this conflict? If so what should it be? If it already exists what is it?
I would say No - it generally falls under the existing Israel & Palestinan Conflict tags.
I can't imagine a scenario in which a person is interested in this conflict, but not in israeli-palestian issues generally. Tags really have one use - they let you filter out the traffic you aren't interested in. I would be highly skeptical that this conflict in particular is different than the context around it.