Iran Oil Minister Resigns Amid Economic Pressures and US Sanctions

Iran's Oil Minister Mohsen Paknejad has resigned for personal reasons, state media reports confirm. Hamid Bovard, the CEO of the National Iranian Oil Company, will take over as acting minister following Paknejad's departure. Paknejad, who has held the position since August 2024, submitted his resignation earlier but it was only recently accepted by President Masoud Pezeshkian.

The resignation comes amid mounting economic pressure on Iran due to the ongoing war with the United States. Before stepping down, Paknejad had stated that oil revenue was still being received, despite tightened US sanctions and a naval blockade that have severely impacted Iran's oil exports. These exports are a critical source of government revenue.

Iran has been pushing for the US to lift sanctions on its oil sales as part of negotiations to reopen the Strait of Hormuz. The country's ability to export oil remains a key issue in these discussions, with Iran demanding an end to the blockade to ease economic strain.