Iranian Oil Minister Resigns Amid US Sanctions and Regional Tensions
Iranian Oil Minister Mohsen Paknejad has resigned from his post, according to a report by Iran's state-run Tasnim news agency. The resignation was confirmed by Mehdi Tabatabaei, deputy head of communications at the Iranian president's office, who noted that President Masoud Pezeshkian has accepted Paknejad's departure. Hamid Bovard, a former head of the National Iranian Oil Company, has been appointed as the acting oil minister to manage the ministry's affairs. No official reason was provided for Paknejad's resignation, which comes amid severe US sanctions targeting Iran's oil sector.
Bovard brings extensive experience to his new role, having spent most of his career in oilfield operations. His appointment comes at a critical time, as US Treasury Secretary Scott Bessent stated that Iran has no oil shipments remaining at sea and will generate zero oil revenue this week. The US Treasury Department recently launched Operation Economic Outcast, a campaign aimed at isolating Iran from the global financial system.
The resignation also follows escalating tensions in the region, including a war between the US, Israel, and Iran that began on February 28. Iran responded with missile and drone attacks, effectively closing the Strait of Hormuz, a key route for energy supplies. The US military later imposed a naval blockade on Iranian ports. Efforts to end the war have been ongoing since a June framework deal aimed at addressing navigation through the Strait of Hormuz and Iran's nuclear program.