No relief for Rial: Iranian currency sinks to record low as US works on new sanctions

Iran's rial reached a record low as the United States prepared new economic sanctions. Existing restrictions and a naval blockade have already severely impacted Iran's economy. The currency's decline has not yielded concessions from the US President. Iran and Oman are reportedly nearing an agreement on managing the Strait of Hormuz. The United Arab Emirates suspended all trade with Iran following discussions with the US.