Energy traders and officials are watching developments in the Middle East with growing alarm, as escalating attacks continue to disrupt oil and gas output and hamper key maritime routes.

Amin H Nasser, president and chief executive of Saudi energy giant Aramco, said any prolonged interruption would have serious repercussions for both crude markets and the wider global economy.

“The longer this disruption continues, the greater the danger to international oil supplies,” he told reporters, warning that the knock-on effects could be severe for economic growth worldwide.

He added that restoring passage through the Strait of Hormuz was now of paramount importance, describing the resumption of shipping through the crucial waterway as “absolutely critical”.