China has also suggested that with its “special influence” on Israel, the US should take immediate measures to de-escalate Israel and Iran's tensions to that the conflict does not spread anymore.

Global markets have remained relatively calm amid the escalating tensions between Israel and Iran. But that sentiment could quickly shift, according to experts, if the conflict affects the Strait of Hormuz.

Oil rose in early morning Asian trading amid Middle East tensions.

As the conflict escalates, container shipping faces growing risks from a potential chokepoint closure, rising insurance costs and surcharges from major carriers.

Iran and Israel continued to exchange attacks into Monday amid the latest round of conflict between the two nations.

Iran unleashed a barrage of missile strikes on Israeli cities early Monday, after Israel struck military targets deep inside Iran, with both sides threatening further devastation. AFP images showed gutted residential buildings in Tel Aviv and fires smouldering outside the coastal city of Haifa,

The conflict between Israel and Iran is heating up as damaging missile strikes continue on both sides. CBS News' Courtney Kealy has the latest updates.