Iran's rial plummeted to near-record lows due to fears of reinstated UN sanctions over its nuclear program. The 'snapback' mechanism, part of the 2015 nuclear deal, could freeze Iranian assets and halt arms deals. This follows Iran halting IAEA inspections after Israeli strikes. Europe warned Iran of snapback by August's end, creating further tension between Iran and the West. Iran's economy is already struggling, and the potential sanctions add to the uncertainty and desperation felt by its citizens. The situation is complicated by Iran's uranium enrichment activities and the unclear impact of recent strikes on its nuclear facilities. The looming deadline adds pressure on Iran to find a solution.

Prepared by Christopher Adams and reviewed by editorial team.