Attacks on facilities by both sides in the conflict this week threaten grave consequences for the global economy

• Middle East crisis – live updates

The escalating attacks on key oil and gas projects in the Middle East are expected to fuel a new phase of the ongoing conflict, with profound consequences for the world’s energy supplies and the global economy.

The Iran regime has vowed to target a string of key energy infrastructure across the region after warning that an Israeli strike on a production facility for its largest gasfield at South Pars on Wednesday had ignited a “full-scale economic war”.

US president says ‘extremely important and valuable’ site will be targeted if Iran continues to attack Qatar facilities

• Middle East crisis – live updates

Donald Trump threatened to “massively blow up” the world’s largest gasfield after Israeli strikes on the Iranian site prompted Tehran to step up attacks on energy facilities across the Middle East.

Israel’s decision to target the South Pars gasfield on Wednesday marked a major escalation of the war, heightening fears of significant disruption to international energy supplies.