UAE suspends all trade, financial activity with Iran 'until further notice'

The United Arab Emirates (UAE) suspended all trade exchanges and financial transactions with Iran "until further notice," UAE's state-run WAM news agency reported, citing the Foreign Ministry's strategic communications director.

No further details were revealed as yet. However, the announcement came after the UAE Defense Ministry said it detected two Iranian ballistic missiles that targeted maritime navigation.

Tensions in the Middle East have heightened after the US and Israel launched joint strikes on Iran. In response, Tehran retaliated with strikes in regional countries, including the UAE, hosting US assets.

In mid-June, Iran and the US signed a memorandum of understanding under Pakistani mediation aimed at ending their war and reaching a lasting peace agreement.

Talks, however, have since broken down amid ongoing disputes over the memorandum's terms and navigation through the Hormuz Strait, a critical route for global energy exports.