"It (this development) could lead to an escalation of tensions and conflict, as well as an increase in instability and insecurity. It could also have a negative impact on economic and social development in the region," according to a statement released by the Iraqi Presidency on Tuesday.

The Iraqi President called on the international community to take a firm stance and prevent the outbreak of a "hellish" war in the region, stressing that "if we fail to prevent such an outbreak, the consequences would be catastrophic."

Rashid also reaffirmed Iraq's commitment to support the Palestinian and Lebanese people, according to Xinhua news agency.

An Israeli airstrike targeted a residential building in the southern suburb of Beirut on Tuesday, killing at least six people and injuring 15 others, local media reported. In a statement, the Israeli military confirmed that Ibrahim Muhammad Qubaisi, who was reportedly in charge of Hezbollah's missile and rocket operations, was killed in the strike. There has been no comment from Hezbollah on Qubaisi's death.

The airstrike is part of Israel's heaviest bombardments of Lebanon since 2006, which were launched on Monday and Tuesday and resulted in over 550 fatalities and more than 1,800 injuries across the country.

The significant escalation has raised concerns about the potential for a full-scale conflict between Israel and Hezbollah, with fears that other nations could also become involved.