The Saudi crown prince and Iran's foreign minister reviewed relations between the two countries, recent regional developments, and efforts made in this regard, according to the publication.
"I hope that these consultations can lead to better conditions for Palestine and Lebanon, and establish peace in the region," Araghchi told the Iranian broadcaster.
Earlier, Israeli Defense Minister Yoav Gallant unexpectedly canceled his trip to the US amid reports of strained relations between US President Joe Biden and Israeli PM Benjamin Netanyahu, as well as the latter and Gallant himself.
Biden is reportedly frustrated with Netanyahu for repeatedly overriding his instructions, and escalating the ensuing conflict.
Araghchi visited Saudi Arabia, with whom Iran managed to establish relations - after a long absence of contact - only a year and a half ago.
This has come about amid a stalemate in cease-fire talks in the Gaza Strip and Lebanon, and an escalating conflict between Israel and Iran, following the killings of Hezbollah leader Hassan Nasrallah, Hamas Politburo chief Ismail Haniyeh and senior IRGC commander Abbas Nilforoushan.