BRICS Fails Joint Statement Amid Iran-UAE Rift
Analysis based on 19 articles · First reported May 15, 2026 · Last updated May 15, 2026
The failure of BRICS to issue a joint statement due to disagreements between Iran and the United Arab Emirates signals increased geopolitical instability, potentially leading to higher Petroleum and Liquefied natural gas prices due to the ongoing disruption in the Strait of Hormuz. This instability could negatively impact global trade and investment, particularly for major importers like India.
Top diplomats from BRICS nations, including Iran and the United Arab Emirates, failed to issue a joint statement after a two-day meeting in Delhi, with host India releasing only a chair's statement. Iran sought condemnation of the U.S.-Israeli war on Iran and accused the United Arab Emirates of direct involvement in military operations against it, having struck the United Arab Emirates with missiles and drones multiple times since February 28. Iran's Foreign Minister Abbas Araghchi stated that a BRICS member, implicitly the United Arab Emirates, blocked parts of the statement. The disagreements also extended to the situation in the Gaza Strip. India, as the world's third-biggest oil importer, has been significantly affected by Iran's effective blockade of the Strait of Hormuz, which has disrupted global oil and liquefied natural gas supplies. Indian Prime Minister Narendra Modi condemned the attacks on the United Arab Emirates, highlighting the broader regional impact of the conflict.
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