UAE severs trade with Iran after reported missile strike

The United Arab Emirates said it had paused all trade and financial transactions with Iran, after reporting that two ballistic missiles were launched from the country toward its territorial waters.Both fell into the water and caused no damage or casualties, the UAE said on Wednesday. However, the reported strike represents an unwelcome return of the conflict to the Gulf economy's shores after more than three months. Weeks of Iranian drone and missile attacks on the UAE earlier this year, the vast majority of which were intercepted, sparked tensions among locals and hammered the country's tourism and aviation industry.The UAE said it had taken the step to indefinitely suspend trade "in light of regional escalations that undermine regional and international peace and security."Iranian Foreign Ministry spokesman Esmail Baghaei rejected the claim that Tehran had launched a missile at the UAE. Talks stalledThe incident comes with progress toward any U.S.-Iranian ceasefire or agreement on the Strait of Hormuz at a standstill.President Donald Trump on Tuesday confirmed the U.S. is not currently in any talks with Iran and has no plans to restart them, a claim Tehran had already made. Trump...