The escalating conflict between Israel and Iran is likely to be high on the agenda as world leaders gather in Canada on Monday.Sir Keir Starmer said that the G7 meeting in Alberta would provide an opportunity for allies to make the case for de-escalation in the “fast moving” situation in the Middle East,

World leaders are gathering in Canada for the G7 summit which will be dominated by the escalating crisis in the Middle East as Iran and Israel renewed attacks against eachother

Tánaiste warns against travel to either country as Irish embassy staff work with citizens actively seeking to leave them

An exchange of strikes on refineries and gas facilities was limited but raised the risks to an industry with broad economic impacts.

The period of uncertainty in the markets due to the current conflict may be prolonged and markets need to brace for it, according to experts.

"The full strength and might of the U.S. Armed Forces will come down on you at levels never seen before," Trump warned.

Traders had been positioning for Israel’s attack on Iran, but there is still anxiety that prices could continue to surge well beyond $US100 a barrel.

Iranian news media and residents of Tehran say the damage from the latest Israeli strikes appears to be significant, with several apartment buildings badly damaged. Residents say they are hearing ambulance sirens and fire trucks racing to the scenes and rescue workers are working to find casualties in the rubble.

Arab states that once opposed Iran now condemn Israel’s June 13 strikes, reflecting shifting alliances and fears of regional escalation.