Iran's Araghchi warns any Israeli-led attack would be 'devastating' for energy markets, after report US told Gulf states to prepare for strikes

Iranian Foreign Minister Abbas Araghchi said on Wednesday 28 October that the “devastating impact” on international markets of any “Israel-instigated military misadventure” in the Gulf region “remains a major concern for both gas suppliers and consumers”. He wrote in a post on X that Iran’s energy diplomacy had advanced at the Gas Exporting Countries Forum summit in Moscow, Dawn reported.

The post came as votes were counted in Israel’s 27 October election. In a speech at Likud headquarters early on Wednesday, Prime Minister Benjamin Netanyahu said: “Iran is weaker than ever, Israel is stronger than ever.” He said Israel and US President Donald Trump would “end the Iranian threat once and for all”, Iran International reported, citing The Times of Israel. Tehran has said the outcome of the Israeli election “makes no difference”, AFP reported.

US angle

The Wall Street Journal reported on Tuesday, citing people briefed on the conversations, that the US had told several Gulf Arab countries to prepare for a “short, intense military campaign” against Iran after the 3 November US midterm elections, and that Trump had not made a final decision, Anadolu Agency and AFP reported. The White House declined to comment on “sensitive military plans that may or may not exist” and said Trump “keeps all options on the table to ensure that Iran can never have a nuclear weapon”. At a rally in Lubbock, Texas, on Tuesday, Trump said: “You’ll see Iran in a couple of weeks.”

Separately, an official briefed on the negotiations said Qatari mediators had given Iran a new draft deal to end the war on Sunday, with a seven-day timeline of confidence-building steps, and that Tehran was expected to reply by the end of the week, Asharq Al-Awsat reported.

Background

The US and Israel launched a war against Iran in February 2026, AFP reported; Iran has since restricted passage through the Strait of Hormuz, and the US has maintained a naval blockade of Iranian ports. A US-Iran memorandum of understanding signed in June later collapsed. See also: Iran’s Supreme Leader says Tehran’s conditions must be met to end the war.