Europe slapped a boycott on Iranian oil Monday, signaling that the Islamic Republic’s second-largest market is likely to dry up as part of a U.S.-led sanctions campaign that has already inflicted serious damage on Iran’s economy and sharply increased tensions.

The value of Iran’s currency is falling dramatically, prices are rising and Iranians are stocking up on supplies in fear of worse to come. Iran, which receives an estimated 70% of its revenue from oil sales, has threatened to retaliate by choking off the flow of oil through the Strait of Hormuz at the southern end of the Persian Gulf.

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