Iran’s oil export revenue is falling rapidly after the U.S. Navy reinstated a maritime blockade in mid-July, restricting crude shipments from the Persian Gulf. No Iranian crude has crossed the blockade since its reinstatement, while limited loading continues inside the Gulf. Iranian crude stockpiles stored outside the Gulf have dropped to 29 million barrels from 90 million, and shipments to China, the main buyer, are declining. Oil revenue accounts for about one-third of the Iranian government’s budget, putting pressure on its fiscal capacity and adding to inflation and weakness in the rial.