UAE freezes Iran's assets as Israel says 500 targets hit in Lebanon

The United Arab Emirates has begun freezing Iranian assets, a source familiar with the matter told Al-Monitor on condition of anonymity, marking a sharp escalation in the war’s economic dimensions.

The UAE has long served as a financial hub for Iran, enabling it to evade Western sanctions, sell oil abroad and channel funds to the Islamic Revolutionary Guard Corps and regional proxies.

Hostilities between Israel and Hezbollah continue to ramp up. The Israeli military said Friday night local time that it had hit more than 500 targets in Lebanon since Hezbollah entered the war on Monday, adding that a headquarters used by the IRGC in Lebanon was hit today. Lebanon’s Health Ministry said that more than 200 people have so far been killed and 100,000 displaced.

After Iran’s president said on Friday that some countries had begun mediation efforts, US President Donald Trump said in a post on Truth Social that there would be no deal with Iran but “unconditional surrender.”

Oil benchmark Brent crude hit $90 a barrel Friday, the highest since October 2023, as Iran continues to pound Gulf energy infrastructure and endanger vessels traveling through the Strait of Hormuz.

As Gulf and US concerns mount over potential interceptor shortages, Trump will host defense executives today at the White House in a push to increase production.