The escalating unrest in the Middle East is a global threat, on top of a US hurricane and a raft of economic woes in China, economists say.

The International Monetary Fund said an escalation of the conflict in the Middle East could have significant economic ramifications for the region and the global economy. However, commodity prices remain below the highs of the past year. It was too early to predict specific impacts on the global economy, IMF spokesperson Julie Kozack said.

An escalation of fighting between Israel and Iran could cause oil prices to spike and send a chill through the global economy.

Israel, which has been fighting with Hamas in Gaza for almost a year, has sent its troops into southern Lebanon after two weeks of intense airstrikes, escalating the conflict in the Middle East. The following sketches what we know about how this could play out on the world economy in the weeks ahead.

Our experts take your questions on the ongoing conflict in the Middle East. 29 days left to watch. 23 hours, 57 minutes

For months now, analysts and academic observers have warned of how tensions could easily spin out of control in the Middle East and provoke a major war. This came several steps closer this week after a fortnight of Israeli attacks on Hezbollah in Lebanon culminated in the killing on September 28 of Hezbollah chief Hassan Nasrallah.