Israel and Iran exchanged fire early Wednesday as Tehran intensified attacks on regional oil infrastructure, raising fears of a global energy crisis. Iran struck a container ship in the Strait of Hormuz and has effectively halted shipping through the vital waterway, through which about one fifth of the world’s oil supply passes. Gulf nations including Kuwait and Saudi Arabia said they intercepted multiple drones and missiles targeting oil facilities and military bases.

Israel launched a new wave of strikes on Tehran and carried out attacks in Lebanon against targets linked to Hezbollah, setting a building ablaze in central Beirut and killing several people in southern لبنان. Nearly 500 people have been killed in لبنان since the latest fighting began, while Iran says more than 1,300 people have died there. Israel reported 12 deaths, and seven United States soldiers have been killed.

Oil prices remain sharply elevated, with Brent crude up about 20 percent since the war began, rattling global financial markets. Saudi energy officials warned that any prolonged disruption in tanker traffic through the strait would have a serious impact on the global economy. Tens of thousands of foreign nationals, including citizens of the United Kingdom and the United States, have left the Persian Gulf region as the conflict escalates.