Iran’s economy is coming under increasing pressure as damage to its oil exports, a weakening currency and shrinking access to foreign currency threaten one of Tehran’s most important sources of revenue.

According to a report published Wednesday by Independent Arabia, the U.S. naval blockade of Iranian oil exports has significantly reduced Tehran’s ability to move crude from the Persian Gulf to international markets.

The report said that since the blockade was renewed in mid-July, no major new shipments of Iranian crude have managed to pass through it. Iran continues to load limited quantities of oil onto tankers, but the vessels reportedly remain in the Gulf and are unable to reach customers.

The amount of Iranian oil already stored on tankers outside the blockade area has also fallen sharply. According to the report, floating inventories declined from approximately 90 million barrels in mid-July to around 29 million barrels. These reserves have allowed Iran to continue receiving revenue from oil that was transferred outside the Gulf before restrictions were tightened. At the current rate of depletion, the reserves could run out by mid-October, according to estimates cited in the report.

The decline is also reflected in Iran’s oil-loading activity. The report estimates that Iran loaded approximately 255,000 barrels per day onto tankers within the Gulf in August, an 85% decrease from the average recorded between February and April. Before the war, Iranian oil exports had been approaching 2 million barrels per day.

The decline in exports is having a direct impact on Iran’s economy. Oil revenues typically account for roughly one-third of government income and represent a major source of foreign currency. As revenues fall, the Iranian rial has continued to weaken against the dollar, making imports more expensive. An economist from Capital Economics cited by the report estimated that the rial has lost approximately 15% of its value against the dollar since U.S. President Donald Trump launched a renewed economic pressure campaign against Iran.

Iran’s petrochemical industry has also suffered. The report estimates that Iranian petrochemical exports have fallen by 63% since the beginning of 2026. If exports continue to decline, storage facilities could reach capacity, potentially forcing plants to cut production.

Meanwhile, some Chinese refineries, Iran’s largest oil customers, have reportedly begun seeking alternative supplies from Saudi Arabia, Iraq and the United Arab Emirates.

With Iranian oil supplies outside the blockade area continuing to dwindle, Tehran could face growing pressure on one of its most important sources of foreign currency and government revenue.