Iran's Oil Minister Resigns Amid US Sanctions and Geopolitical Tensions

Iranian Oil Minister Mohsen Paknejad has stepped down from his position, as reported by the state-run Tasnim news agency. President Masoud Pezeshkian accepted Paknejad's resignation, with no official reason provided for the departure. Hamid Bovard, who previously led the National Iranian Oil Company, has been named acting oil minister to manage the ministry's operations.

The resignation comes amid intense US sanctions targeting Iran's oil sector, which has faced severe restrictions. US Treasury Secretary Scott Bessent claimed that Iran has no remaining oil shipments at sea and will generate zero oil revenue this week. This follows the US Treasury Department's launch of Operation Economic Outcast, aimed at cutting Iran off from the global financial system.

The geopolitical tensions have escalated since the US and Israel launched a war against Iran on February 28. Tehran retaliated with missile and drone attacks, effectively closing the Strait of Hormuz, a critical route for global energy supplies. The US military responded with a naval blockade on Iranian ports. Peace efforts have been ongoing since a June framework deal aimed at resolving the conflict and addressing navigation through the Strait of Hormuz and Iran's nuclear program.