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In a medium saucepan, combine the water with the sugar, cinnamon sticks, cloves, allspice berries, fenugreek seeds, crushed ginger and orange zest. Bring to a boil over moderate heat, stirring, until the sugar dissolves. Lower the heat and simmer the syrup for 5 minutes. Remove from the heat and let the syrup steep for 25 minutes.
Add the orange juice, then strain the syrup into a medium bowl. Wipe out the saucepan, add the red wine and spiced syrup and heat until simmering. Carefully pour the spiced wine into heatproof glasses, garnish the glasses with orange slices and serve the punch warm.
The spiced red wine punch can be refrigerated overnight. Reheat gently before serving.