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

The FTSE 100 (^FTSE) and European stocks tipped lower on Tuesday, erasing the previous session's gains, as conflict continues between Iran and Israel. Meanwhile, oil prices rose. President Donald Trump cut short his G7 Summit in order to assess the US's position on the Middle East conflict.

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

Israel and Iran launched fresh attacks, killing and wounding civilians and raising concerns of a broader regional conflict.

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

DUBAI, United Arab Emirates (AP) — Israel launched an expanded assault on Iran on Sunday, with direct strikes targeting its energy industry and Defense Ministry headquarters, while Tehran unleashed a fresh barrage of missiles blamed for the deaths of four people and injuries of many others.