Iran Warns Israeli Military Action in Gulf Would Devastate Global Markets

Iran has issued a significant warning that any Israeli military action in the Persian Gulf would severely disrupt global markets. On Wednesday, October 28, 2026, Iranian Foreign Minister Seyyed Abbas Araghchi stated that such an escalation would have a "devastating impact" on international markets.

The top diplomat emphasized that discussions at the Gas Exporting Countries Forum (GECF) Summit had already focused on energy security and global gas markets. Araghchi highlighted that the potential for any Israeli-instigated military misadventure in the Persian Gulf region remains a major concern for both gas suppliers and consumers due to its anticipated severe consequences for these markets.