Iran’s oil minister resigns amid export blockade tensions

Iran's oil minister, Mohsen Paknejad, has stepped down from his position, according to a statement from the president's office. Hamid Bovard, the CEO of the National Iranian Oil Company, has been appointed as acting minister following Paknejad's resignation. The resignation comes amid ongoing tensions, including a U.S. blockade on Tehran's oil exports.

State television reported that Paknejad initially offered to resign due to personal issues, but his resignation was initially rejected by Iranian President Masoud Pezeshkian. The president later accepted his departure after the minister insisted on leaving. Pezeshkian commended Paknejad's efforts and service before his resignation was finalized.

The resignation occurs against the backdrop of the Middle East war, with the Strait of Hormuz being a critical flashpoint. The waterway, through which a fifth of the world's oil and LNG passed before recent conflicts, has seen disruptions as Tehran blocks commercial ships and Washington imposes a counterblockade on Iranian ports. These actions have impacted Iran's economy, leading to petrol station queues in Tehran and other cities.