Iran Oil Minister Resigns Amid Sanctions Pressure

Iran's oil industry has been dealt another blow as Oil Minister Mohsen Paknejad has resigned for personal reasons, according to state media. Paknejad was quoted by state media in a statement saying that revenues from oil sales were still coming in and would continue 'God willing.'

The resignation comes at a critical time for Iran's economy, which is under intense pressure from tightened US sanctions and a naval blockade. Iran relies heavily on its oil exports to generate government revenue.

Hamid Bovard, the chief executive of the National Iranian Oil Company, will take over as acting minister in Paknejad's place. The move was confirmed by Mehdi Tabatabaei, communications deputy in the president's office, who said that President Masoud Pezeshkian had accepted Paknejad's resignation.

Iran has been pushing for the US to lift sanctions on its oil sales and end the blockade as part of negotiations over reopening the Strait of Hormuz. The situation remains tense, with Iran's ability to export oil hanging in the balance.