Iran Oil Minister Resigns Amid US Sanctions Pressure

Iran's Oil Minister Mohsen Paknejad has resigned for personal reasons, according to state media reports. This comes as the country is under intense pressure from tightened US sanctions and a naval blockade on its oil exports.

Paknejad had been in office since August 2024 and was quoted by state media just before his resignation, saying that revenues from oil sales were still coming in. However, Iran's ability to export oil is crucial for government revenue, which has been hit hard by the sanctions.

Iran has demanded that the US lift its sanctions on Iranian oil sales and end the naval blockade as part of negotiations over reopening the Strait of Hormuz. Hamid Bovard, chief executive of the National Iranian Oil Company, will be acting minister in Paknejad's place.