UAE Suspends All Trade with Iran, Sending Oil Prices Soaring
The United Arab Emirates (UAE) has suspended all trade and financial transactions with Iran, citing regional escalations that undermine peace and security. According to Afra Al Hameli, director of the Strategic Communications Department at the UAE Ministry of Foreign Affairs, this suspension will remain in place until further notice.
The move is seen as a significant escalation in the ongoing standoff between the two countries. The trade suspension comes after a temporary ceasefire expired on Monday, and tensions have been rising with no talks taking place between the US and Iran.
Oil prices climbed following the news, with Brent crude futures trading at $91.89 a barrel, up 87 cents or close to 1%. U.S. West Texas Intermediate crude also rose, reaching a session high of $86.11 a barrel, a gain of $1.17 or 1.4%.
Traffic in the Strait of Hormuz remains depressed, with tanker operators steering clear of the route due to concerns about the blockade's end date.