Iran Oil Minister Resigns Amid US Blockade and Straits Tensions
Iran's Minister of Petroleum, Mohsen Paknejad, has stepped down from his position, according to a statement from the president's office on Sunday. Hamid Bovard, the CEO of the National Iranian Oil Company, has been appointed as the acting Minister of Oil following Paknejad's resignation.
State television reported that Paknejad initially offered his resignation due to personal issues, but it was initially rejected by Iranian President Masoud Pezeshkian. However, Paknejad insisted on leaving, and his resignation was eventually accepted. Pezeshkian commended Paknejad's efforts and service before his departure.
The resignation comes amid heightened tensions in the Middle East, particularly around the Strait of Hormuz, a critical waterway through which a fifth of the world's oil and LNG previously passed. The US and Israel launched strikes against Iran in late February, leading to Tehran blocking the passage of commercial ships and firing on vessels accused of unauthorized crossings.
In response, Washington imposed a counterblockade on Iranian ports, aiming to prevent Tehran from exporting its oil. Earlier in the conflict, Iranian cities like Tehran experienced fuel shortages as the US sanctions tightened their grip on the country's economy.