No relief for Rial: Iranian currency sinks to record low as US works on new sanctions
Iran's rial hit a record low amid preparations for new U.S. economic sanctions. Existing restrictions and a naval blockade have severely impacted Iran's economy, with no concessions from U.S. President. Meanwhile, Iran and Oman are nearing an agreement on managing the Strait of Hormuz, while the UAE has suspended all trade with Iran after talks with the U.S.