UAE Suspends All Trade and Financial Transactions With Iran After Missile Fire

The United Arab Emirates announced it is suspending all trade and financial transactions with Iran 'until further notice,' effective immediately, after accusing Tehran of firing ballistic missiles toward Emirati waters on Aug 18. Before the war, the UAE was one of Iran's largest trading partners, supplying more than 30% of its imports (roughly $21 billion annually) and receiving nearly 13% of its exports (about $7 billion); some maritime trade had resumed in late June as hostilities eased. The move compounds existing US sanctions and the US naval blockade already straining Iran's economy. Iran denies launching the missiles that prompted the embargo. Only about 10 vessels transited the Strait of Hormuz on Aug 18, roughly 90% below the pre-war baseline, and Brent crude rose toward $92/bbl on the news.