Araghchi: New aggression in Persian Gulf will have ‘devastating’ impact on energy markets
Iranian Foreign Minister Abbas Araghchi has warned that any renewed Israeli-instigated military aggression in the Persian Gulf region could have a “devastating impact” on global energy markets.
In a post on X, Araghchi said the impact of any such action on international markets remained a major concern for both gas suppliers and consumers.
Iran’s energy diplomacy advanced at GECF Summit. Discussions focused on global gas markets and energy security.
— Seyed Abbas Araghchi (@araghchi) October 28, 2026
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. pic.twitter.com/dvG6CVjfQR
He added that Iran’s energy diplomacy had advanced at the Gas Exporting Countries Forum (GECF) summit, where discussions focused on global gas markets and energy security.
The summit, held in Moscow on Tuesday, also provided a platform for Iran and Russia to explore ways to deepen bilateral cooperation.
Meeting Russian President Vladimir Putin on the sidelines of the summit, Iranian President Masoud Pezeshkian stressed that regional countries could resolve their challenges through their own cooperation, without US intervention.
Meanwhile, Iran’s acting Oil Minister Hamid Bovard pushed back against US Treasury Secretary Scott Bessent’s controversial prediction that Iran could face fuel shortages this winter, dismissing his advice that Iranians stockpile supplies.
“Instead of advising Iranians to stock up on fuel, the US treasury secretary should worry about its price for his own people,” Bovard wrote on X.
He said that while Iran was advancing gas diplomacy in Moscow, the United States was scrambling to secure diesel supplies.
Bovard added that Bessent’s advice would be better directed at Americans, who he said were bearing the cost of US President Donald Trump’s “adventurism.”
The remarks come amid escalating tensions between Tehran and Washington, with Iran warning that any renewed US-Israeli aggression would be met with a far more painful response.
Trump has threatened military action after the US midterm elections, telling reporters that “anything is possible” when asked about a potential attack on Iran.
Previous rounds of US-Israeli aggression failed to achieve their stated "objectives," while Washington’s illegal sanctions campaign has failed to force Tehran to submit to US demands.
The disruption in the Strait of Hormuz has further exposed the wider economic consequences of the war and heightened concerns over global energy supplies.
Meanwhile, Saudi Arabia’s war on Yemen poses a further threat to regional maritime security, with the Bab al-Mandeb Strait emerging as another flashpoint for shipping and global energy transportation.
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