Iran's currency reached a record low of 2.02 million rials per U.S. dollar on informal markets Monday, compared with the official Central Bank rate of approximately 1.5 million rials. The decline follows U.S. and Israeli strikes on February 28 and precedes a scheduled U.S. Treasury announcement of new sanctions. Iran maintains control over shipping in the Strait of Hormuz, through which a fifth of global oil trade previously moved freely.