Stocks moved sharply higher Monday morning, recovering from steep losses the previous session, as investors keep close tans on the latest developments in the ongoing conflict between Israel and Iran.

Global shares have advanced and oil prices have fallen back slightly as Iran unleashed a fresh wave of missile attacks on Israel early Monday.

The Israeli military claims its campaign has eliminated high-value targets, including nine senior scientists, and severely damaged Iran’s nuclear infrastructure. Iranian authorities confirmed damage to four critical buildings at the Isfahan uranium conversion facility,

Selling pressure on 10-year US Treasuries from the latest round of Israel-Iran conflict is likely to have a lasting effect if past episodes of clashes between the two nations are any guide.

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

Israel and Iran have traded more missile attacks despite international calls for a halt to the fighting, with neither country showing signs of backing down as the conflict between the regional foes raged for a third day.

Iran was forced to shut part of its operations at the South Pars gas field after a suspected Israeli drone strike ignited a fire at one of its critical processing units on Saturday. The incident caused the suspension of 12 million cubic metres of gas production.

Israel's defense minister is warning that "Tehran will burn" if Iran continues firing missiles at Israel. Debora Patta has the latest from Jordan.