US, Iran feel pain from energy disruptions
US gas prices hit record highs and Iran doubled the price of fuel consumed over quota, as energy disruptions hit at the pump in both countries.
The United Arab Emirates (UAE) is constructing alternate trade and energy pathways to circumvent potential disruptions caused by Iran's actions, according to UAE presidential adviser Anwar Gargash. Following Iran's military escalation and missile threats, the UAE halted all financial and economic dealings with Tehran in August. Gargash emphasized that the UAE's energy exports and trade will not be "held hostage" by the ongoing conflict with Iran.
In response to the attacks on its oil tankers in the Strait of Hormuz, the UAE has been enhancing its port capacity along the eastern coast, as well as developing pipelines, railways, and alternative trade routes. While relations with Iran may be restored, rebuilding trust with neighboring countries following the attacks may take decades, Gargash noted.
The UAE's presidential adviser also criticized Gulf Arab states for their collective response to the Iranian attacks, stating that their coordinated actions were insufficient. Gargash recognized that for years, there was a shared understanding of the challenges posed by Iran, but the issue was the inability to translate this understanding into a unified and strategic response.
Written by urgent.news from The Jakarta Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- UAE builds alternative trade, energy routes after Iran attacks thejakartapost.com
