UAE Freezes Trade With Iran After Missiles Fall Near Its Coast
The United Arab Emirates (UAE) is halting all trade, financial, and commercial ties with Iran until further notice, after saying Tehran had fired ballistic missiles targeting its territory. Late on Tuesday, the UAE’s Defense Ministry said that “assessments revealed the two ballistic missiles detected, originating from Iran, were targeting maritime navigation and fell into the sea.” A few hours…
The United Arab Emirates has suspended all trade, financial, and commercial relations with Iran following missile strikes launched from Tehran that targeted the country's waters. The UAE's Defense Ministry announced on Tuesday that two ballistic missiles launched from Iran had fallen into the sea. One of the missiles landed outside the UAE's territorial waters, while the second fell within them.
In response to the missile attacks, the UAE halted all economic ties with Iran. The Strategic Communications Department of the UAE's Ministry of Foreign Affairs stated that this action was taken due to the regional escalations that threaten regional and international peace and security. Iran, however, denied the UAE's claims that the missiles originated from its territory.
Iran's Foreign Ministry spokesperson, Esmail Baghaei, called the UAE's actions "unfounded" and warned against making baseless accusations against Iran. The ongoing conflict between the UAE and Iran adds to the already tense situation in the Middle East, where the U.S.-Iran standoff over the control of the Strait of Hormuz has driven up oil prices.
Brent Crude prices have reached a high of $91 per barrel, while WTI Crude has surpassed $85 a barrel. The recent decline in U.S.-Iran negotiations and increased security concerns over tanker traffic through the Strait of Hormuz have contributed to the price surge.
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