Israel and Iran exchanged intense missile and airstrikes, hitting critical military and petrochemical sites while forcing Donald Trump to demand an immediate halt to hostilities.The military escalation caused global oil prices to surge as fears grew regarding the security of the Strait of Hormuz and regional stability.This surge in violence threatens to collapse ongoing peace negotiations led by the US amid the ongoing conflict in Lebanon and Syria.Both nations continue to ignore international calls for restraint as they trade fire across the Middle East following retaliatory strikes.