Iranian Oil Minister Resigns Amid Sanctions Fallout
Iran's Oil Minister Mohsen Paknejad has resigned amid long fuel queues caused by tightened US economic sanctions. The Iranian presidency announced its acceptance of Paknejad's resignation on Sunday, with Hamid Bord appointed as acting oil minister.
The resignation comes at a critical time for Iran, which faces restrictions on its oil exports due to the US naval blockade. Despite attempts by other countries in the region to maintain the flow of their shipments via alternative routes, declining oil revenues are putting pressure on Tehran.
US Treasury Secretary Scott Bessent said that Iran would not have any oil shipments at sea this week and would generate no revenue from them under what he described as an 'unprecedented' US economic isolation.