US-Iran tensions escalate: Trump rules out talks, UAE halts Iran trade, Tehran warns Gulf allies | Latest developments

Tensions between the United States and Iran have escalated, with the United Arab Emirates (UAE) halting trade and financial ties with Tehran. Iran warned Gulf allies against supporting U.S. military operations, while the Strait of Hormuz remains a focal point of confrontation between the two nations. US President Donald Trump ruled out talks with Iran, despite earlier reports of discussions between his envoy Jared Kushner and Iranian officials.

The U.S. maintains a naval blockade of Iranian ports and asserts that the Strait of Hormuz is "open and operating," but Iran disputes this claim, insisting that the waterway will not reopen until the U.S. lifts sanctions and releases frozen assets. Shipping through the strait has dropped dramatically, with only six commodity vessels crossing on a recent day, compared to a recent average of 11.

The situation has kept oil prices elevated, with Brent crude hovering around $91 a barrel and US West Texas Intermediate at $85. Iran's military chief of staff warned Gulf countries against assisting U.S. forces, emphasizing that such support would be considered participation in the American military operation. The regional fallout has intensified following the suspension of trade and financial ties between the UAE and Iran, with the UAE citing the detection of Iranian missiles fired near its waters.

U.S. officials have been in touch with UAE officials over security concerns in the Gulf, as the conflict escalates.