Pakistan has closed all its border crossings with neighbouring Iran for an indefinite period, provincial officials said on Monday, as Israel and Iran trade intense strikes and threaten further attacks.

Pakistan's Ministry of Finance has confirmed that the country currently holds ample petroleum reserves despite rising tensions between Iran and Israel. This assurance comes after a committee meeting chaired by Finance Minister Muhammad Aurangzeb to assess the impact of recent regional conflicts on the oil market.

Israel said on Friday it targeted nuclear facilities, ballistic missile factories and military commanders in a "preemptive strike" to prevent Tehran from building an atomic weapon. Several brokerages had initially expected a cut but revised their forecasts after the Israeli strikes sparked fears of a broader conflict.