Tel Aviv: In a fresh escalation of the ongoing conflict, explosions were heard across Tel Aviv on Monday after Iran launched a new wave of missiles toward Israel, according to the Israeli military and witnesses.

AFP journalists reported hearing more than 10 blasts in the city shortly after the Israeli army confirmed it had detected incoming missiles fired from Iran.

“A short while ago, the IDF identified missiles launched from Iran towards the territory of the State of Israel. Defensive systems are operating to intercept the threat,” the military said.

The latest strike comes amid escalating tensions in the region, with Iran also launching attacks targeting Israel and several Gulf countries earlier in the day.

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The developments follow a major political shift in Tehran after Iranian state television reported that Mojtaba Khamenei, son of the late supreme leader Ali Khamenei, had been named his successor. The country’s powerful Islamic Revolutionary Guard Corps, which answers directly to the supreme leader, is expected to play a key role in shaping Iran’s wartime strategy.

Financial markets reacted sharply to the escalating conflict. Oil prices surged amid fears of supply disruptions, while Asian markets fell steeply. Japan’s benchmark Nikkei 225 index plunged as much as seven per cent in early Monday trading.

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Meanwhile, Saudi Arabia issued a strong warning to Tehran, saying Iran would be the “biggest loser” if it continued attacks on Arab states. The warning came after a suspected drone strike targeted the kingdom’s massive Shaybah oil field.

The war intensified after the United States and Israel launched a major military strike on Iran on February 28 that killed Ali Khamenei, the country’s 86-year-old supreme leader.

According to official figures, the conflict has so far killed at least 1,230 people in Iran, 397 in Lebanon, and 11 in Israel.