UAE halts Iran trade, cutting $6 billion lifeline

The United Arab Emirates suspended all trade with Iran over the weekend, eliminating a $6 billion export flow and threatening nearly a third of Iran's imports in its biggest economic challenge yet. Dubai served as Iran's primary supplier and window to the world, handling goods like phones, computers, food and industrial equipment. Iran also depended on the UAE for 70% of its fuel oil exports, while importing gasoline and diesel to offset supply deficits. Retired US General Mark Kimmitt called the move potentially more significant than US sanctions, as it blocks Iran's main dollar collection method. Treasury Secretary Scott Bessent launched "Operation Economic Outcast" on Monday, urging other nations to follow the UAE's lead.