Iran in talks with mediators on 7-day plan; Araghchi says Tehran giving diplomacy a chance

Iran is continuing talks with intermediaries on a proposal to end its war with the United States, with Foreign Minister Abbas Araghchi saying the plan could be implemented in less than a week if the necessary arrangements are made.

In a post on X, Araghchi said Tehran remained committed to diplomatic efforts while keeping its military prepared.

“While our Brave Armed Forces are fully prepared to defend the Homeland, Iran continues to give diplomacy a chance to succeed,” he wrote.

“We remain in close and ongoing contact with intermediaries to review ideas that can ensure implementation of our 7-Day Plan in even less than a week,” he added.

Iran warns of economic fallout from fresh attacks

Earlier on Wednesday, Araghchi warned that another Israeli-led military attack could have serious consequences for international energy markets.

“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 wrote on X, referring to discussions at the Gas Exporting Countries Forum summit in Moscow.

The warning came as tensions remained high between Iran and Israel. Under Prime Minister Benjamin Netanyahu, Israel has vowed to topple Iran’s government. The two countries have engaged in direct warfare for the first time in their history after decades of hostility.

The conflict began in February following US and Israeli strikes on Iran, and renewed attacks remain a concern as regional tensions continue.

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European gas prices cross €100

European natural gas prices climbed above €100 per megawatt-hour on Wednesday, reaching their highest level since 2022. The increase was driven by concerns over the Middle East conflict and the need to replenish gas reserves ahead of winter.

At around 1455 GMT, Dutch TTF futures, the benchmark for European gas prices, rose by more than 4 per cent to €100.45 per megawatt-hour.

Prices remain well below the peak of €345 per megawatt-hour recorded in March 2022 during the energy crisis triggered by Russia’s invasion of Ukraine.

The latest rise reflects concerns that the United States could launch fresh strikes against Iran after next week’s midterm elections, potentially prompting Tehran to retaliate against energy infrastructure across the Gulf.

Meanwhile, Israel’s election has added to uncertainty over the future course of the regional conflict, with voters weighing in on Netanyahu’s right-wing government amid threats of renewed military action.