Iran's Foreign Minister Abbas Araghchi warned on Wednesday, 28 October 2026, that any Israel-instigated attack in the Gulf region would have a "devastating impact" on global markets. In a post on X, Araghchi wrote: "Devastating impact on int'l markets of any Israel-instigated military misadventure in Persian Gulf region remains major concern for both gas suppliers and consumers." He spoke after Gas Exporting Countries Forum (GECF) summit discussions in Moscow, where Iranian President Masoud Pezeshkian met Russian President Vladimir Putin on Tuesday, 27 October.

A warning aimed at suppliers and consumers alike

Araghchi framed the risk as shared by suppliers and consumers worldwide, at a forum whose 12 members hold about 70% of proven natural gas reserves. The warning comes as diplomatic efforts involving Qatar and Pakistan continue over a reported seven-day plan to end the war, with Hormuz, sanctions, Iran's nuclear programme and the US naval blockade central to negotiations. It also follows renewed warnings from Israeli Prime Minister Benjamin Netanyahu, who said on Wednesday that Israel had an opportunity, together with US President Donald Trump, to remove what he described as the existential threat posed by Iran.

What remains unconfirmed

Araghchi's post is a warning about consequences, not evidence that a new attack is imminent, and no timetable for any military action has been confirmed by any government. Iran's acting oil minister, Hamid Bovard, separately dismissed a US Treasury prediction of Iranian winter fuel shortages. The GECF summit itself discussed the role of natural gas in global energy security and cooperation among producers; it did not announce any joint action on the Gulf tensions.

Sources: AFP via Pakistan TV, PressTV, AzerNews.