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.