Othello can easily be seen as a black slave under the control of white slave master Iago. Iago finds ways throughout the tragedy to manipulate Othello into doing what he wishes, and it is clear from the very beginning that Iago despises Othello and does not feel that the "blackamoor" is worthy of being his peer in civilized, Christian Venice. He also hates that the good Christian woman Desdemona, the daughter of a nobleman, has fallen in love with Othello and agreed to marry him. He takes a very superior tone to Othello, not unlike racist dialogue employed by Southern slave owners in relation to their black slaves.
It is also possible to view Othello as the non-Christian foreign Other that the white imperialist Iago must conquer and civilize. Iago takes this view of Othello when he interferes with Othello's choices and even his frame of mind, all the while articulating it as if he is doing Othello a favour by bringing out his raw, wrathful, lusty, uncivilized side. This further contributes to Iago's sense of superiority. After all, he is the civilized Christian male while Othello becomes the angry, sex-obsessed Muslim Moor that murders his wife in a rage.
Finally, it is also possible in light of recent readings of "Othello" to see Iago and Othello as peers involved in a homosexual triangle with Desdemona. Othello is clearly the heterosexual male that tries throughout the tragic play to consummate his marriage with the beautiful Desdemona, the woman that he loves. Iago is also married, but appears to not be very interested in Emilia, his wife. The one point in the story where he actually does appear to show interest in her is when Emilia produces Desdemona's handkerchief which Iago will use to convince Othello of her infidelity. When he sees the handkerchief, Iago displays playful affection for Emilia but it is clear that he is only so excited because he sees before him the downfall of his rival Othello. It can be read that Iago is painfully jealous of Othello because he represents Iago's latent homosexual (or even profound homosocial) desires that Iago cannot indulge in and that Othello cannot even see or comprehend. Because of this, Iago must destroy Othello, who represents his own homosexuality that he must keep hidden, and in doing so, Iago destroys himself.