Iranian President Masoud Pezeshkian met Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan on September 12 on the sidelines of the 18th BRICS Summit in New Delhi, marking the most significant diplomatic contact between Iran and the UAE since relations deteriorated earlier in 2026. The discussions focused on maintaining maritime traffic through the Strait of Hormuz, a key energy chokepoint through which roughly one-fifth of global oil supply and a large share of liquefied natural gas exports pass. The meeting followed Iranian missile and drone attacks affecting UAE infrastructure and maritime operations, as well as Abu Dhabi’s earlier suspension of trade and financial transactions with Iran. Iran has floated proposals involving transit fees for ships using the strait, conflicting with established maritime norms and the US position favoring free navigation. Follow-up talks between Iran and Gulf states were reportedly scheduled for mid-September in Oman. The meeting produced no announced resolution, while a joint BRICS statement backed restraint, civilian protection, sovereignty, energy flows, supply chains and maritime security. War-risk premiums for Persian Gulf shipping rose during the early-2026 escalation, and insurers have remained cautious about reducing rates without clearer evidence of stabilization. Market pricing also showed a modest increase in the probability of a US-Iran deal involving reconstruction funding, with uranium-enrichment negotiations, reconstruction funding and further UAE-Iran contacts remaining key indicators.