Iran's currency hits record low as sanctions and blockade bite

Iran's currency has hit a new record low against the dollar, marking the latest decline in a freefall that began after the war started in February. The rial's drop comes just 27 days after it reached its previous low of 2.2 million to the dollar on September 2. The Iranian economy has been under strain from international sanctions for years, but a U.S. naval blockade on Iranian oil and new sanctions since the war began have accelerated the collapse. Meanwhile, Iran's top diplomat said indirect negotiations with the U.S. over reopening the Strait of Hormuz have become "more serious," with Qatari mediators expected to relay the final U.S. response to Tehran. The Iranian Revolutionary Guard Corps appealed to Americans to pressure their government to end the war, with a spokesman saying Washington must "acknowledge defeat and leave the region." U.S. officials, including Secretary of State Marco Rubio, maintain that sanctions and the blockade are pushing Iran toward an economic "cataclysm" that will force its capitulation.