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Agency says outlook remains negative, meaning another downgrade is possible, citing 'prospect of escalation' in conflict; Fitch sees impact of Israel-Iran fighting contained

Loud explosions rocked key Iranian cities as well as Israel’s Tel Aviv and Jerusalem on Tuesday, amid fresh missile attacks from both sides. Meanwhile, Iran has claimed to hit Israeli spy agency Mossad's centre.

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

President Donald Trump left the G7 summit in Canada a day ahead of schedule to address the escalating crisis between Israel and Iran, leaving unfinished business for the remaining world leaders.

The Group of Seven nations expressed support for Israel in a statement issued late on Monday and labeled its rival Iran as a source of instability in the Middle East, with the G7 leaders urging broader de-escalation of hostilities in the region.

A resolution by Senator Tim Kaine of Virginia would require congressional approval before U.S. troops could engage in hostilities against Iran. He said Americans don’t want another “forever war.”

China has said that the Israel-Iran conflict may make way for wider instability in the Middle East region and is attempting to reach out to both sides for a potential de-escalation, according to a Bloomberg report.