As Saudi Arabia faces renewed attacks amid escalating conflicts in the Middle East, the United States (US) has approved a potential sale of 48 F-35 fighter jets to the Kingdom in a deal worth an estimated $24.3 billion.

The US State Department announced the proposed sale of the F-35 Lightning II Joint Strike Fighter aircraft and related equipment on Thursday.

Under the proposed deal, Saudi Arabia would purchase 48 F-35s with conventional takeoff and landing capabilities, along with 49 Pratt & Whitney F135-PW-100 engines, the State Department said.

The department added that the sale would support US foreign policy and national security objectives by strengthening the Kingdom’s security.

The State Department also stated that the proposed deal would improve Saudi Arabia’s ability to deter “current and future threats” and strengthen its air-to-air and air-to-ground self-defence capabilities.

The approval comes days after Saudi oil facilities and military bases came under attack by Houthis in Yemen, adding to concerns that the conflict in the region could expand.

The Saudi-Houthi conflict flared up again, with Houthi drones and missiles targeting Saudi oil complexes, disrupting operations and threatening supply routes amid concerns over oil prices.

Last week, the Houthis also advanced rapidly on coastal assets along the Red Sea that are important to shipping.

The wider regional situation has also put pressure on key shipping routes. Iran’s effective control of the Strait of Hormuz, along with its tightening grip on the Bab al-Mandeb Strait, has raised concerns that oil prices could climb further ahead of the November midterm elections in the US.

If the F-35 deal is completed, Saudi Arabia would become the second country in the Middle East to operate the stealth fighter after Israel. The acquisition could potentially affect the region’s military balance, although the US government rejects that assessment.

The Trump administration has formally notified Congress about the proposed sale, meaning the deal now requires congressional approval.

The F-35 Lightning II was developed by Lockheed Martin at the request of the US military. The stealth fighter is described as the world’s most advanced fighter jet because of its advantages against adversaries and remains the most expensive weapons programme in US history.