The Israel Defense Forces said the air force had launched strikes against missile sites in central Iran, as the Middle East conflict entered a fourth day.

Flare-ups in the Middle East have a predictable impact on the price of oil - causing it to spike as investors grow fearful about supply constraints.

Israel and Iran continue to fire a volley of missiles and drones at one another, targeting energy infrastructure as well as residential areas. The conflict, which has killed over 220 people so far since Friday (June 13),

Iran remains in economic crisis due to international sanctions over its nuclear program, which have limited its oil exports. The Iranian rial remains weak and inflation is stubbornly high at around 40%. Any further disruption to oil exports would ripple globally.

While Israel has reported some casualties as a result of Iran's strikes, the nation aims to remain open for business. Bank of Israel on Sunday said that the main branches of the nation’s lenders would remain open.

Stock futures were higher on Sunday as investors weighed the impact of the escalating Israel-Iran conflict that shows no signs of any potential off-ramps ahead. Oil prices rallied after Israel attacked key areas of Iran’s energy infrastructure over the weekend,

The U.S. economy’s reliance on overseas oil is very much less a factor today than 10 or 15 years ago, says Nomura economist David Seif.

Nigeria would witness a surge in the price of petrol, diesel, jet fuel, gas and related products in the near term.

The Centre for the Promotion of Private Enterprise, CPPE, has outlined both the risks and possible benefits the escalating conflict between Israel and

How could the Israel-Iran attacks impact the global economy?

Iran has been battling an acute energy crisis for months because of gas shortages, and repairing any damage would both be costly and take significant time.