UAE cuts Iran trade as Trump halts talks and Hormuz stays disrupted
Why it matters: Brent crude rose above $91 a barrel as ship traffic through the strait remained far below prewar levels.
The United Arab Emirates cut trade, commercial exchanges and financial transactions with Iran on Aug. 18 after what it said were two Iranian ballistic missiles fired toward its territory, as President Donald Trump ruled out any US talks with Tehran and the Strait of Hormuz remained severely disrupted. The UAE said the missiles targeted maritime traffic and fell into the sea, with one reaching its waters. Iran denied launching a missile at the UAE. The June US-Iran memorandum meant to preserve talks has expired, and Iran’s lead negotiator, Mohammad Bagher Ghalibaf, told lawmakers Hormuz will not reopen unless the US lifts a port blockade, releases frozen assets, removes oil sanctions and stops military operations. Britain also reported a vessel leaving the strait was hit, causing one casualty.