CONFLICT ENTERS FOURTH DAY: Israel and Iran have begun a new round of attacks, as the conflict between the two heavily armed rivals enters its fourth day.

Iran and Israel continued on Sunday their aerial attacks, which began Friday with a series of Israeli strikes on Iran.

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

Explosions were heard in the Iranian capital, Tehran, as Israel launched a preemptive strike. Israel is under a state of emergency, as Iran retaliated Friday night with missile attacks.

Israel identified and struck missile launchers in Iran overnight, the Israel Defense Forces said Sunday morning. "Over the past hour, the IAF completed an additional series of strikes on storage and missile launch infrastructure sties in western Iran," the IDF said in an update on the Telegram messaging app at about 8 a.m. in Israel.

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

It follows daytime attacks from both sides, with Israeli strikes in Tehran continuing and Iran firing more missiles towards Israel.

Israel’s military headquarters were struck after Iran’s Islamic Republic unleashed a barrage of missiles on central Tel Aviv late Friday night, causing “significant damage” to the Jewish state’s equivalent of the Pentagon.

Leaders in the U.S. and Iran appear to be jostling over red lines to keep their countries out of a direct confrontation.

Below Senior Fellow Can Kasapoğlu offers a tactical and strategic overview of Operation Rising Lion. Executive Summary