The United Arab Emirates is weighing freezing billions of dollars of Iranian assets held in the Gulf state, a move that could curb Tehran's access to foreign currency and global trade amid the U.S.-Israeli military conflict, the Wall Street Journal reported on Thursday.

Reuters could not immediately confirm the report. The Emirati foreign ministry did not immediately respond to a Reuters request for comment outside business hours.

UAE authorities are weighing measures ranging from freezing the assets of UAE-based shadow companies used to mask trade to a sweeping financial crackdown on local currency exchanges which are used to move money outside of formal banking channels, the report said, citing officials familiar with discussions.

If the UAE decides to move on Iran's shadow-financing empire, a key target would be accounts affiliated with the Islamic Revolutionary Guard Corps, the report added.

UAE policymakers are also considering direct maritime action, such as seizing Iranian ships, the report said, citing two of the officials familiar with the discussions.

The United States and Israel launched coordinated strikes on Iran on Saturday, prompting Tehran to fire missiles toward Israel and several Gulf locations hosting U.S. military facilities in retaliation.

UAE officials have privately warned Iran of the possible action it could take on Tehran, the report said, adding that it wasn't clear when or if the government would act.