Israel and Iran traded heavy fire for a third straight day on Sunday, with mounting casualties and expanding targets marking a sharp escalation in hostilities between the longtime foes. Strikes in both countries persisted throughout the day,

Israel has launched a series of strikes against Iran, targeting the country’s nuclear program and other military infrastructure. Iran has launched its own strikes in retaliation.

As attacks between Israel and Iran persist, the global economy could face an adverse shock if tensions aren’t contained.

Israel and Iran traded more missile attacks Sunday despite calls for a halt to the fighting, with neither country backing down as their conflict raged for a third day. Iran said Israel struck its oil refineries,

Trita Parsi, vice president of the Quincy Institute for Responsible Statecraft, has insisted that Israel underestimated the Iran's ability to regroup

Israeli strikes have killed at least four senior Islamic Revolutionary Guard Corps commanders, including Hossein Salami.

The exchange of fire comes as talks on Iran's nuclear program in Oman between the U.S. and Iran were called off.

US President Donald Trump on Sunday urged Iran and Israel -- who are locked in an exchange of military strikes -- to "make a deal," but suggested they might need

Investors struck a cautious tone on Monday, as an escalating conflict between Israel and Iran pushed oil prices higher and raised wider questions about the long-term impact.