Iranian rial plunges to record low as economy spirals

Iran's rial hit a record low of 2.548 million per U.S. dollar on Tuesday, losing over half its value in the past year amid economic collapse worsened by U.S. sanctions, a naval blockade, and ongoing conflict. The currency's decline accelerated after August 20, coinciding with the U.S. "Operation Outcast" sanctions crackdown. Iran has gone nearly two and a half months without oil shipments to China, its main customer, while official inflation stands at 83.8%. The economic crisis has driven Iranians to sell belongings for basic necessities and prompted renewed Tehran diplomacy. U.S. officials call the situation a "cataclysm," while Iran's foreign minister warns of readiness for a "doomsday war."