Iran intensified its attacks on oil and gas facilities around the Gulf on Thursday, dramatically raising the stakes in a war that is sending shock waves through the global economy.

The strikes, in retaliation for an Israeli attack on a key Iranian gas field, sent fuel prices soaring and risked drawing Iran's Arab neighbors directly into the conflict. Tehran's targeting of energy production further stressed global supply already under pressure because of Iran's stranglehold on the Strait of Hormuz, a strategic waterway through which a fifth of the world's oil is transported.