"Turning off the tap" is dirty pool. That is something that should be used as leverage to force Israel to treat its arab expats decently, but actually doing it would be an act of war. If, on the other hand, Turkey said "Solve this issue in 6 months or whatever essentials we control stop" then it would be merely a diplomatic play with war as Israel's option. A bolder option would be to tie any control Turkey has over Israel's vitals to any control Israel has over Gaza's. Limited supplies for Gaza = limited supplies for Israel.
Law expanding definition of terrorist activity passes first Knesset reading (Haaretz)
from the article: Ayalon: If Israel is attacked, we'll consider expelling ambassadors