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Yes, this is a region that has been fought over since the dawn of human history. It's centered between the various cradles of human civilization - Sumeria, Egypt, and Greece, so it would have been a strategic location militarily and economically. Jaffa is a port that dates back to biblical times, and during the height of the Roman Empire, Judea would have been a vital trading post on the silk road. It's where monotheism began, so it holds great cultural significance as well. With the discovery of oil it became an indispensable ally for the industrialized world in a region destabilized by colonialism and the fall of the Ottoman Empire. It truly is a prize to be won, and has been for thousands of years.
However, Israel is not a center of trade in the globalized economy under American hegemony, and perhaps as our dependence on oil wanes, its military/geopolitical significance will dissipate. The only remaining reason for conflict will be the Al Aqsa Mosque sitting atop the Jewish Temple Mount.