United Arab Emirates suspends trade with Iran after coming under renewed missile fire
Dubai, United Arab Emirates (AP) — The United Arab Emirates (UAE) has suspended all trade with Iran following renewed missile attacks from the Islamic Republic. This decision will further isolate Iran, which is already facing American sanctions and a blockade. The move came after the UAE received early warnings about ballistic missile fire on Tuesday night, prompting nationwide shelter alerts for residents.
Iran denies firing any missiles towards the UAE. The UAE accuses Iran of launching missiles targeting maritime traffic, though it remains unclear if they hit Emirati ships or the country's waters. Iran has been attacking ships in the Strait of Hormuz, a crucial waterway for global oil and natural gas trade, in an attempt to control its passage.
The UAE embargo may intensify pressure on Iran, which already faces a nearly 70% projected inflation rate and a 5.4% economic contraction for the year, according to the International Monetary Fund. The rial currency has also reached record lows.
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