All of the Gulf nations have been drawn into the conflict which started after joint US-Israel attacks on Tehran on February 28.

Saudi Arabia said it had limited an attempted Iranian attack on one of its gas facilities overnight.

Following the attacks,oil prices have also surged to a record high,with Brent crude trading at around $113 per barrel this morning.

The Strait of Hormuz,which carries 20% of the world’s oil supply,is effectively closed to most ships after vessels were targeted by Iran,adding to the global economic uncertainty.

However,some countries have reportedly brokered direct deals with Tehran to have their ships pass the Strait safely.

Experts have warned that the conflict is now escalating to a serious supply crisis.

Kathleen Brooks,research director at XTB market analysts,said: ‘This war looks far from over,and the energy crisis is shifting from a shipping crisis to a supply crisis.

‘If Iran is targeting energy assets in the region,then the conflict gets more serious and the repercussions for a long-term energy price shock also start to play out in financial markets.’

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