Iran reportedly weighs attacks on U.S. targets in Europe as UAE severs trade with Tehran

Iran has considered attacking U.S. military targets in Europe if the war escalates, the Financial Times reported Wednesday, citing two regime insiders. U.S. assets in Bulgaria and Cyprus were weighed as potential targets, according to the FT's report. CNBC has reached out to Iran's Military of Foreign Affairs for comment and has not independently verified the story. Negotiations between Washington and Tehran to end the war have stalled, with little sign that talks will resume, leaving the belligerents to consider their next stages in the prolonged conflict.UAE severs trade with Iran The United Arab Emirates on Wednesday said it had paused all "trade, commercial exchanges, and financial transactions" with Iran until further notice. On Tuesday, the UAE's Ministry of Defense said it detected two ballistic missiles launched from Iran toward its territorial waters.President Donald Trump on Tuesday said the U.S. is not currently in any talks with Tehran and has no plans to restart them. He has also ruled out extending the 60-day ceasefire agreement which expired Monday, after the deal effectively fell apart. A key point of contention remains control of the Strait of Hormuz. Trump has repeatedly stated that the vital shipping waterway is open and in operation under U.S. control. However, observed ship traffic through the passage remains extremely low. An attack on a cargo vessel transiting the strait earlier this week killed one person.Read more U.S.-Iran war newsTrump says no talks scheduled with Iran as he teases action in Hormuz StraitInvestors scored on Iran war’s oil market boom. Staying long the trade will get trickierWhat is Pickaxe Mountain, the Iranian nuclear facility Trump is threatening to strike?Ukraine strikes Iranian vessels in Caspian Sea, Tehran accuses Kyiv of ‘hostile and criminal act’Saudi military strikes Houthi targets in Yemen after Iran-backed militia attacked Red Sea shippingTehran’s Hormuz threat risks global fallout, Rubio warns as U.S. strikes Iran for 11th straight nightIran says it attacked Amazon infrastructure in BahrainU.S. strikes Iran and Houthis threaten Saudi Arabia shipping as mediators push 10-day ceasefireOil exports through the Strait of Hormuz might not return to levels seen before the Iran warStrait of Hormuz shutdown: A visual guide to the world's most critical oil chokepointOil markets are betting on a swift end to the Iran war. Investors may regret itThe Middle East war is testing the Gulf’s ambitions to become an AI hubAnalysis: An end to the Iran war may be just the beginning of a new era of U.S. inequalityWhy the confusion around the Iran situation could get worse. How to profit anywayStrait of Hormuz: Ships attacked as Trump extends Iran ceasefireTrump tells CNBC he expects U.S. to make 'great deal' with IranMore from CNBC Politics Fox News on Tuesday quoted an Iranian military spokesperson as saying ships attempting passage through the strait will "find several beautiful holes in their hulls."Meanwhile, Trump has extended his verbal attacks to longstanding U.S. allies. On Monday, the president threatened to "bomb the s--- out of" Oman if the Gulf nation "gets in the way" of its objectives in the Middle East. He also ordered Defense Secretary Pete Hegseth to "substantially reduce" joint drills with South Korea, accusing Seoul of failing to help with its military operation in Iran and citing his friendly relations with North Korean leader Kim Jong Un.— CNBC's Emma Graham and Spencer Kimball contributed to this story.