UAE-Iran trade freeze raises economic stakes
The UAE is a critical trade partner for Iran and has been its largest source of imports for five consecutive years.
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The United Arab Emirates said on Tuesday it would cut trade with Iran, an economic blow that will likely be devastating for Tehran. Oil has continued to rise as regional attacks continue and the US and Iran still appear far from a deal.
Meanwhile, Turkey has been moving to capitalize on Syria’s untapped oil reserves. Damascus has had an eventful week, having also moved to redefine its relationship with its historic ally, Moscow.
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