Iranian oil minister resigns amid U.S. blockade on exports

Iranian Oil Minister Mohsen Paknejad has stepped down from his position following a U.S. naval blockade that has halted Iran's hydrocarbon exports. The resignation was accepted by Iranian President Massoud Pezeshkian after Paknejad repeatedly requested to leave his post, initially citing personal reasons. Hamid Bovard, the director general of the National Iranian Oil Company, has been appointed as the interim Oil Minister.

The change in leadership comes at a critical time for Iran's energy sector, which has been severely impacted by trade and military restrictions. The U.S. blockade was imposed in response to Iran's decision to restrict navigation in the Strait of Hormuz after an Israeli-American attack in February triggered a regional war. The strait had previously been a vital route for about one-fifth of global hydrocarbon flows.