Iran reportedly weighs attacks on U.S. targets in Europe as UAE severs trade with Tehran
CNBC · 2026-08-19
The United Arab Emirates has indefinitely suspended all trade and financial transactions with Iran, citing regional escalations after reporting two ballistic missiles were launched from Iran toward its territorial waters. The UAE stated this action was taken "in light of regional escalations that undermine regional and international peace and security," although Iranian Foreign Ministry spokesman Esmail Baghaei rejected the claim of Tehran launching a missile. This move comes as U.S.-Iranian talks regarding a ceasefire or agreement on the Strait of Hormuz are at a standstill, with President Donald Trump confirming Tuesday that negotiations have collapsed. Despite Trump's assertion that the Strait of Hormuz has reopened, shipping traffic through the vital waterway remains low following an attack on a cargo vessel that killed one person this week. The geopolitical tensions are further highlighted by Trump's recent threat on Monday to "bomb the s out of" Oman if it interferes with U.S. objectives in the Middle East.
*The full article also explores the implications for oil prices and the broader context of the prolonged conflict in the region.*