Iran's rial hits record low as war erodes economy

Iran's currency fell to a new record low on Tuesday, with traders exchanging more than 2.5 million rials to the U.S. dollar, just 27 days after the previous low of 2.2 million. A U.S. naval blockade on Iranian oil and new wartime sanctions have driven the freefall. Foreign Minister Abbas Araghchi said indirect U.S. talks on reopening the Strait of Hormuz have become "more serious."