Foreign Minister Abbas Araghchi says Iran advanced energy diplomacy at the eighth Gas Exporting Countries Forum (GECF) Summit, warning about devastating consequences of any Israeli military escalation in the Persian Gulf on the market.

In a post published on X on Wednesday, Araghchi highlighted Iran’s diplomatic engagement at the summit, noting that “both gas suppliers and consumers” were extremely concerned about the dangers of any Israeli military misadventures in the Persian Gulf region.

Established in 2001 and formalized as an intergovernmental organization in 2008, the GECF serves as a platform for gas-exporting countries to exchange information and discuss developments affecting international gas markets.

The eighth summit, held in Moscow on October 27, provided a platform for member states to discuss the role of natural gas in global energy security and the importance of cooperation among producers.

The forum’s 12 member countries collectively hold approximately 70% of the world’s proven natural gas reserves, making cooperation among them significant for global energy supplies and market stability.

Iran has pursued energy cooperation with other major gas producers, including Russia, as part of broader efforts to strengthen its role in international energy diplomacy.

Iran closed the Strait of Hormuz in response to the latest round of US-Israeli aggression which began on February 28, effectively blocking US and allied vessels from navigating the Persian Gulf.

The closure sent shockwaves through global energy markets, driving up oil, gas and other fuel prices, particularly in the US, and forcing Washington and the International Energy Agency (IEA) to release strategic reserves on several occasions in an effort to ease the supply crunch.

Putin urges GECF to bypass Western energy blockades via mutual gas swaps

The Russian president has censured attempts by the West to weaponize global energy markets.

Following the signing of the Islamabad Memorandum of Understanding (MoU) between Iran and the US in June, Tehran reopened the Strait of Hormuz, but Iran’s Armed Forces shut the maritime corridor again after Washington violated the agreement by imposing a blockade on Iranian ports.

Since then, energy prices have followed an upward trend, with Brent crude reaching $115.47 per barrel on October 28, while European benchmark natural gas prices climbed to $113 per megawatt-hour, their highest level since December 2022.