Iran’s currency has hit a new record low. The rial dropped to 2.02 million to the U.S. dollar as markets opened Monday.

By David Lawder WASHINGTON, Aug 24 (Reuters) - The U.S. Treasury is expected to broaden the scope of secondary sanctions it can impose on entities and countries that maintain business ties with Iran as the Trump administration seeks on Monday to increase economic pressure on Tehran,

The announcement marks another escalation in Iran's efforts to exert greater control over the key waterway.

Treasury Secretary Scott Bessent says the U.S. will target financial lifelines to Iran, raising risks for foreign banks, businesses and energy trade.

In recent weeks, the police have closed dozens of cafes, often citing laws that stipulate women must veil in public. Experts say the closures are part of an effort to control public space.

Iran said Pakistan’s army chief would visit Tehran on Monday as part of efforts to restore peace and security in the region, but gave few details.

The escalation came as both sides have missed a 60-day ceasefire window to reach a deal, closing off the formal truce mechanism to end the six-month war.

The price of oil fell sligjhtly in anticipation of a set of Iran economic sanctions billed by U.S. Treasury Secretary Scott Bessent as the toughest ever.