Investors have been weighing the odds of further escalation in the conflict and spillover into the broader oil-rich Middle East.

Iran has launched a new wave of missile attacks on Israel, triggering air raid sirens across the country as emergency services reported at least five killed and dozens more wounded in the fourth day of conflict between the regional foes.

The latest salvo comes after a weekend of escalating tit-for-tat attacks between Israel and Iran that raised fears of a wider, more dangerous regional war.

Dozens of others were injured overnight across Israel, the authorities said. Israel was striking military sites in Iran and the four-day-old conflict showed no sign of slowing.

The deadly conflict between Israel and Iran has entered a fourth day, with both sides firing waves of missiles overnight. Follow for live updates.

The US embassy in Tel Aviv has suffered damage after an Iranian missile struck a residential area of the city, the ambassador to Israel said.

Iran has retaliated against Israeli strikes with ballistic missiles in Jerusalem and Tel Aviv. Rep. Eugene Vindman, member of the House Armed Services Committee, joins The Weeknight to break down the escalating violence in the Middle East,