Sheikh Khaled meets Iranian President at Brics summit

Iranian President Masoud Pezeshkian and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan held the highest-level meeting since the Iran war commenced, during the Brics summit in New Delhi on Saturday. The encounter occurred as the conflict's ramifications escalated, with Saudi Arabia shutting down its crucial East-West oil pipeline following a drone attack on Friday.

This closure of the oil pipeline, which stretches across the Arabian Peninsula, has sparked global apprehensions regarding potential further oil supply disruptions. The meeting, affirmed by the Iranian embassy in New Delhi, brought the Iranian and UAE leaders together months after bilateral tensions escalated sharply in late February.

This surge in tensions was triggered by US-Israeli strikes, which prompted Tehran to retaliate against American allies in the region. Iran subsequently launched sustained ballistic missile and drone assaults against the United Arab Emirates, causing damage to energy infrastructure, ports, and commercial facilities in Dubai and Abu Dhabi.

The situation worsened as escalating tensions in the Strait of Hormuz led to strikes on commercial vessels, including oil tankers operated by the Abu Dhabi National Oil Company. Relations hit a boiling point last month when two Iranian ballistic missiles landed near the UAE coastline, leading to a comprehensive, indefinite embargo imposed by Abu Dhabi.

The embargo encompassed all trade, commercial exchanges, and financial transactions with Iran, severing the banking and transshipment channels that Tehran has traditionally utilized to circumvent international isolation. As Iran's second-largest trading partner after China, the UAE has historically played a pivotal role in the Iranian economy, accounting for approximately 30 percent of its imports and offering access to foreign currency, banking networks, and global shipping.