Tehran [Iran], October 29 (ANI): Iran is continuing talks with intermediaries concerning a proposal to end its war with the United States, with Foreign Minister Abbas Araghchi stating that the plan could be implemented in less than a week, provided the necessary arrangements are secured.

In a statement posted on X, Araghchi affirmed that Tehran remains committed to diplomatic efforts while maintaining a high level of military readiness.

"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.

Earlier on Wednesday, Araghchi cautioned that a further Israeli-led military attack could trigger severe repercussions 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, referencing discussions held during the Gas Exporting Countries Forum summit in Moscow.

This warning comes amid persistent regional tensions between Iran and Israel. Under Prime Minister Benjamin Netanyahu, Israel has pledged to overthrow the Iranian administration, as both nations engage in direct warfare for the first time following decades of animosity.

Hostilities began in February following joint US and Israeli airstrikes targeting Iran, while fears of renewed attacks persist amid escalating regional tensions.

European natural gas prices surged past 100 euros per megawatt-hour on Wednesday, reaching their highest level since 2022, fuelled by growing concerns over the conflict in the Middle East and the urgency of rebuilding fuel stockpiles ahead of the winter season.

At around 1455 GMT, Dutch TTF futures, which serve as the primary benchmark for European gas prices, rose by more than 4 per cent to reach 100.45 euros per megawatt-hour.

Current prices remain significantly below the record peak of 345 euros per megawatt-hour recorded in March 2022 during the global energy disruption triggered by Russia's invasion of Ukraine.

This upward price movement stems from concerns that Washington could launch fresh strikes against Tehran following the upcoming midterm elections, raising fears of retaliatory actions targeting critical energy infrastructure across the Gulf region.

Meanwhile, the recent electoral cycle in Israel has heightened uncertainty surrounding the trajectory of the regional conflict, with voters assessing Netanyahu's right-wing administration amid threats of further military escalation. (ANI)