Iran warns a possible Israeli-instigated Gulf attack could disrupt global markets
Foreign Minister Abbas Araghchi said the potential impact on international markets concerned gas suppliers and consumers, as Israel faced an unsettled election result.
Iran’s Foreign Minister Abbas Araghchi warned on 28 October that a possible Israeli-instigated attack in the Persian Gulf could have a devastating impact on global markets, according to AFP. His warning focused on the potential consequences for gas suppliers and consumers, amid renewed discussion of attacks on Iran.
In a post on X quoted by AFP, Araghchi said the prospect of a military move in the Gulf and its ‘devastating impact on international markets’ remained a major concern for both groups. The statement did not quantify a possible market impact or say that an attack was imminent.
Renewed talk of attacks on Iran
The United States and Israel had raised the prospect of renewed attacks on Iran in recent days, AFP reported. The agency placed those remarks against the Middle East war that began with strikes on Iran in February. Araghchi’s warning addressed a possible future attack, rather than a new strike reported on 28 October.
Israeli Prime Minister Benjamin Netanyahu said on 28 October that he could work with US President Donald Trump to eliminate what Netanyahu called the ‘existential threat’ posed by Iran, according to AFP. Netanyahu was seeking to form a government after a close election. His statement and Araghchi’s warning describe opposing positions on a possible escalation; neither establishes that a new operation has been decided.
Israeli shares fall amid election uncertainty
Separately, Al Jazeera reported that Israel’s benchmark Tel Aviv 125 share index fell as much as 3.5 percent in early trading on 28 October as investors weighed exit polls showing no clear election winner. That reported decline was tied to uncertainty over the election outcome, rather than to Araghchi’s warning.
With more than 84 percent of votes counted as of 11 GMT, Israeli media tallies put Netanyahu’s coalition on course for 54 seats and an opposition bloc led by Gadi Eisenkot on 49, Al Jazeera reported. A parliamentary majority requires 61 seats, leaving neither bloc at that threshold in those tallies. The count was still incomplete at the stated time.
The market decline came despite recent economic growth. Al Jazeera cited government figures showing Israel’s gross domestic product grew 2.9 percent in 2025 and 3.2 percent in the first half of 2026. It also reported that the Bank of Israel had raised its 2026 growth forecast the previous week from 4 percent to 5.6 percent, citing increased production by Israeli firms overseas.
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Sources and context
- Iran warns any Israeli-led attack will be ‘devastating’ for global marketsAgence France-Presse (AFP), republished by The Straits Times
- Israel’s stock market drops as exit polls show no clear election winnerAl Jazeera
AI-assisted article checked against the listed sources. NewsJaws did not conduct interviews or attend the reported events.