(NewsNation) — Iran’s currency has hit another record low, with traders in Tehran now exchanging 2.5 million rials for one U.S. dollar. Five years ago, it took about 42,000 rials for one dollar, meaning it takes about 600 times the Iranian currency to have the same value today.

Iran’s economy has been in decline since international sanctions increased in recent years, but the war, new sanctions and a U.S. blockade on Iranian oil have sent the economy into a rapid fall.

Iran appeals directly to American public

Iran’s Revolutionary Guard made an appeal Tuesday directly to the American people.

IRGC spokesman Hossein Mohebbi read the 25-page letter during a news conference in Tehran. In the letter, he calls for Americans to pressure the government to end the war and leave the region.

The letter claims Iran’s nuclear program is peaceful, and challenged the U.S. assertion that ships can safely transit the Strait of Hormuz.

“The fact ​that the Americans ⁠might manage, at great expense, considerable trouble and high risk to sneak a small vessel through the Strait of Hormuz under cover of darkness to export, say, 100 or 200 barrels of oil does ⁠not mean ​the Strait is open,” Mohebbi said.

Trump says he did not offer Iran concessions

President Donald Trump says he has offered Iran “nothing” to end the seven-month war, pushing back on reports that his administration is considering sanctions relief and the release of frozen Iranian funds.

“This is untrue. I offered them NOTHING,” Trump wrote on Truth Social.

Axios and CNN reported, citing U.S. officials, that Trump could be willing to ease sanctions and release frozen funds in exchange for concrete progress from Iran on its nuclear program.

Iran says diplomacy is the only way out

Iranian President Masoud Pezeshkian said Tehran is ready to negotiate on its nuclear program and other issues but will not accept “bullying or coercion.” “Iran is not seeking war, but will defend itself against pressure, threats and attacks,” Pezeshkian said.

U.S. and Iranian officials spoke separately with mediators Monday and both sides continued efforts to restart negotiations.

Foreign Minister Abbas Araqchi said Tehran’s proposal would reopen the Strait of Hormuz within seven days if the U.S. ends the fighting, lifts its blockade of Iranian ports and releases frozen Iranian assets.

Iran warns regional oil supplies could be at risk

Iran is warning it could target regional oil infrastructure if it remains unable to sell its own oil. Parliament Speaker Mohammad Bagher Qalibaf said Tuesday that no country in the region should expect to export oil if Iran is prevented from doing so, adding “no infrastructure will remain safe” if Iran’s security isn’t guaranteed.

Brent crude rose for a second straight session Tuesday, reaching about $107 a barrel.