Iran oil minister resigns amid US sanctions and naval blockade
Iranian Oil Minister Mohsen Paknejad has stepped down from his position, citing personal reasons. President Masoud Pezeshkian accepted his resignation and appointed Hamid Boward, head of the National Iranian Oil Company (NIOC), as the acting Oil Minister. Despite initial attempts by Pezeshkian to persuade Paknejad to stay, the minister did not change his stance, leading to his departure. The President commended Paknejad for his service.
The leadership shift in Iran's oil sector occurs amid escalating US pressure, including a naval blockade aimed at halting Iran's petroleum exports. The Strait of Hormuz, a vital maritime route, has gained significance due to the ongoing Middle East conflict. Before the war, approximately 20% of global crude oil and liquefied natural gas was transported through this strait.
Recently, the US Treasury Department imposed new sanctions targeting Iran's automotive and rail industries. Treasury Secretary Scott Bessent stated that these measures are designed to weaken Iran's financial capacity to conduct war. Meanwhile, US President Donald Trump asserted that Iran has largely abandoned its ambition to develop nuclear weapons.