The Israelis' car came under fire yesterday near the Shvut Rachel settlement, the army said, adding that it was unclear whether it was a drive-by shooting or a sniper attack.
The wounded, all men in their 20s, were taken to Israeli hospitals, where one was in a serious condition.
A spokeswoman for the Jerusalem hospital treating the seriously wounded man told AFP today he had been operated on but his condition remained grave.
Army spokesman Lieutenant Colonel Peter Lerner told AFP it was not yet possible to determine whether the shooting was carried out by a lone attacker or small group, or was the work of a larger network.
West Bank settlements are considered illegal under international law and Israelis have been attacked previously in and around them, as well as in annexed east Jerusalem.
Monday's shooting was the latest in a string of attacks since the start of Ramadan.
On Friday, a Palestinian opened fire on Israeli soldiers at a West Bank checkpoint before being shot dead.
On June 21, a Palestinian from the West Bank stabbed an Israeli policeman near Jerusalem's Old City before being shot. Both were seriously wounded.
Two days earlier, on the first Friday of Ramadan, a Palestinian shot dead an Israeli hiker near the West Bank city of Ramallah.
In response to the June 21 stabbing, however, it revoked entry permits to residents of the attacker's village and cancelled permission for 500 West Bank Palestinians to fly from Israel's Ben Gurion airport.
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