In a painting titled "Jahangir's dream", the Mughal Emperor Jahangir is portrayed as embracing:-

Safavid Shah Abbas

The correct answer is Option (4) → Safavid Shah Abbas

Jahangir’s dream:

An inscription on this miniature records that Jahangir commissioned Abu’l Hasan to render in painting a dream the emperor had had recently. Abu’l Hasan painted this scene portraying the two rulers – Jahangir and the Safavid Shah Abbas – in friendly embrace. Both kings are depicted in their traditional costumes. The figure of the Shah is based upon portraits made by Bishandas who accompanied the Mughal embassy to Iran in 1613. This gave a sense of authenticity to a scene which is fictional, as the two rulers had never met.