Iranian Oil Minister Resigns Amid US Blockade on Petroleum Exports
Iranian Oil Minister Mohsen Paknejad has stepped down from his position, with Hamid Bovard, the head of the National Iranian Oil Company, taking over as acting minister. The resignation comes amid a U.S. naval blockade on Iran's petroleum exports, which has significantly strained the country's economy. Iranian President Masoud Pezeshkian accepted Paknejad's resignation, citing personal issues as the reason, though initial requests to step down were previously denied.
The U.S. imposed the blockade in response to Iran's restrictions on commercial shipping and attacks on vessels deemed to have made unauthorized passages. The economic pressure has led to fuel shortages across Iran, with long queues forming at petrol stations. The U.S. Treasury has also introduced new sanctions targeting Iran's automotive and rail industries as part of the broader campaign to cut off Tehran's revenue streams.
U.S. Treasury Secretary Scott Bessent stated that the sanctions aim to further reduce Iran's financial capacity to sustain the ongoing war. Meanwhile, U.S. President Donald Trump claimed that Iran has effectively abandoned its nuclear ambitions as hostilities reach their eighth month. The intense economic campaign has placed Iran's energy sector at the center of the conflict, amplifying the impact of Paknejad's departure.