MOSCOW, October 26. /TASS/. Geopolitical tensions and disruptions in energy supplies have impacted the entire world and, among other things, resulted in protests across European countries and surging fuel prices, Iranian Foreign Minister Abbas Araghchi was quoted as saying in an article published by Russia’s Vedomosti daily.
"Any disruption and confrontation entail consequences that go far beyond our region and affect energy security, market stability and the economic interests of producers and consumers around the world," he stated.
"Take a look at the ongoing protests across Europe and the rapid rise in inflation and fuel prices in Europe and America," Araghchi noted.
The military actions on behalf of the United States and Israel against Iran and the ongoing military threats have led to the closure of the Strait of Hormuz and the disruption of global natural gas supplies, especially in Asia, the Iranian top diplomat stressed. He also pointed to a hike in gas prices in Europe and the low level of annual gas reserves required ahead of the coming winter.
Aragchi called on fuel producers to resort to stronger dialogue, diversify supply routes, protect vital infrastructure and create practical mechanisms in order to reduce the impact of geopolitical shocks on global energy markets.
The US and Israel launched a war against Iran on February 28. In June, Washington and Tehran signed a memorandum of understanding providing for an immediate cessation of hostilities on all fronts, including in Lebanon. However, in the early morning hours of July 8, the US resumed large-scale strikes against Iran, accusing it of violating the terms of the agreements reached on the Strait of Hormuz.
Nearly 25% of global oil trade and about 20% of the liquefied natural gas trade are transported through the strait. The US administration then effectively indicated that it would stop using large-scale military force against Iran and instead seek to economically strangle the country through sanctions.