Iran’s currency hits record low as war erodes economy

Iran’s currency fell to a new record low on Tuesday, with traders in Tehran exchanging more than 2.5 million rials to the U.S. dollar, reflecting how the Middle East war has eroded the economy. The decline came 27 days after the previous record of 2.2 million on Sept. 2. The currency has repeatedly hit new lows since the war began in February, driven by a U.S. naval blockade on Iranian oil and new sanctions. 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 engage the U.S. side. The U.S. imposed new sanctions Tuesday on 10 individuals and entities for procuring weapons for Iran’s defense ministry. Meanwhile, an Iranian Revolutionary Guard spokesman urged Americans to protest the conflict, and a key Saudi oil pipeline attacked earlier this month resumed operations near pre-attack levels.