Critical energy infrastructure in Israel and Iran has not escaped unscathed from the first few days of the countries' escalated conflict. Worst-case scenarios have yet to be realized, but the war is already having a notable impact on energy production and exports in both countries.

The dramatic escalation in tensions between Israel and Iran caused a spike in the price of crude and raised fears among oil traders about disruption to shipping in the Strait of Hormuz, one of the world’s most vital waterways.

The escalating conflict between Israel and Iran has already led to a spike in oil prices, and experts say it could result in higher inflation for UK borrowers the longer it continues