The United Arab Emirates announced an indefinite trade embargo on Iran on Wednesday, accusing Iranian forces of firing two ballistic missiles at its territory.

Iran denied launching missiles and described the reported attack as a "false flag operation" by Israel and the U.S.

According to the World Trade Organization, trade between the two countries was worth roughly $28 billion in 2024 -- the last year where there is a full data set.

Iran imported roughly $21 billion in goods from the UAE, and the UAE imported about $7 billion from Iran. Iran’s top import from the UAE was electronics, and its top export was oil, per the WTO.

But more important than the bilateral commercial trade relationship is the suspension of financial transactions. Shadow companies in the UAE help Iran export oil, and exchange houses help Iran move money around without accessing the formal global banking system.

It is unclear if the U.S. played a role in the UAE's decision or if this is part of the current financial squeeze strategy by U.S., but the announcement came after a call between Secretary of State Marco Rubio and UAE National Security Advisor Sheikh Tahnoon bin Zayed Al Nahya.

-ABC News' Shannon Crawford and Chris Boccia

President Donald Trump said formal negotiations with Iran could reopen "maybe at some point" but that the "situation is so good" right now.

Trump claimed the U.S. controls the Strait of Hormuz except for when Iranians “shoot a drone every once in a while," something he brushed off as a "nuisance value."

"Iran cannot have a nuclear weapon and they won't," Trump said, when asked whether he’d restart talks with Iran.

The president then said "a lot of boats" came through the Strait of Hormuz on Tuesday night, touting U.S. control over the waterway but notably saying that persistent attacks on vessels are an annoyance, or "nuisance value."

He went on to further tout oil prices, once again claiming that they will further lower "when this is over."

Iran's armed forces Chief of Staff Gen. Ali Abdollahi warned on Wednesday that any countries in the Persian Gulf that offer assistance to the U.S. military will be considered collaborators by Tehran.

"It is unlikely that such a large number of military aircraft, especially refueling planes, would be present at regional bases without the knowledge of the host countries," Abdollahi said in a statement.

-ABC News' Somayeh Malekian

Secretary of State Marco Rubio spoke by phone on Tuesday with the United Arab Emirates' national security adviser Sheikh Tahnoon bin Zayed Al Nahyan, after Abu Dhabi accused Iran of launching a new missile attack on the Gulf country -- one that Tehran denied responsibility for.

A statement from the State Department's Principal Deputy Spokesperson Tommy Pigott said that the two officials "discussed a number of regional security issues, including Lebanon, as well as continued U.S.-UAE coordination to hold Iran and its terrorist proxies accountable for ongoing attacks."

"Secretary Rubio underscored the importance of freedom of navigation through the Strait of Hormuz," Pigott said.

-ABC News' Shannon K. Kingston

Residents in Dubai have been told to seek shelter after UAE air defense systems detected a missile threat targeting the county.

"Please remain in a safe location and follow warnings and updates issued through official channels," the National Emergency Crisis and Disaster Management Authority of the UAE said Tuesday.