New Delhi/IBNS: Prime Minister Narendra Modi on Friday chaired an emergency top level meeting of his government to discuss the ongoing Middle East crisis after Iran's missile attack on Israel, media reports said.

The Prime Minister had called a meeting of the Cabinet Committee on Security that comprises External Affairs Minister S Jaishankar, Defence Minister Rajnath Singh, Home Minister Amit Shah, Finance Minister Nirmala Sitharaman and the National Security Adviser.

The issues they have discussed were the crisis' impact on trade navigation, supply of oil, petroleum and its products.

Israel Prime Minister Benjamin Netanyahu on Tuesday warned that Iran made "a big mistake" by firing 181 missiles towards Israel, media reports said.

The attack came amid Israeli strikes on Lebanon to target Hezbollah, which saw the execution of the militant outfit's commander Hassan Nasrallah, and a top official from Iran's Islamic Revolutionary Guard Corps.

At a security cabinet meeting in a secure bunker near Jerusalem in the aftermath of the attack, Netanyahu warned that Tehran had made a 'big mistake tonight' and vowed that 'it will pay for it', reported The Times of Israel.

The strike on Israel had "failed", he said, and was "thwarted thanks to Israel’s air defence system, which is the most advanced in the world."