Trade freeze and travel updates as UAE suspends financial transactions with IranLast updated: August 20, 2026 | 07:223 MIN READAn aerial view of the Jebel Ali Port DP world (JAFZA). Gulf NewsThe US-Iran confrontation entered another uncertain day Thursday (Aug. 20), with President Donald Trump threatening what he described as increasingly severe economic pressure on Tehran, Iran maintaining that the Strait of Hormuz remains effectively “closed”, while facing economic and security consequences from the conflict.The dispute is affecting shipping, oil markets, regional trade and travel planning — and the situation could change quickly.Get it: Fast, verified news for FREE ... download the Gulf News app — simply click here Key developmentsThe US and Iran remain deadlocked over sanctions, Iran's nuclear programme, the US naval blockade and the future of the Strait of Hormuz.Trump has threatened a new, sweeping economic campaign against Iran, while Tehran continues to demand major concessions before the strait can fully reopen.The UAE has suspended trade and financial transactions with Iran following what Emirati authorities said were renewed Iranian missile attacks. Iran has denied responsibility for the alleged attacks.The status of Hormuz remains disputed: Washington says shipping can pass, while Iran insists the waterway remains “closed” until its conditions are met. Many shipowners have stayed away because of the security risks.Oil prices remain elevated but relatively steady, with Brent crude trading near $92 a barrel as markets assess the risk of further disruption.A planned rotation of US aircraft carriers is continuing, with the USS George Washington still heading towards the Middle East to replace the USS Abraham Lincoln.What changed for the UAE?