Trump Highlights Rebound in Hormuz Oil Flows Amid Iran Minister Resignation

US President Donald Trump stated that millions of barrels of oil have recently passed through the Strait of Hormuz, despite ongoing tensions in the region. Speaking to reporters outside the White House, Trump claimed that Iran's oil minister resigned because the country is facing severe economic challenges. "Iran is doing very poorly. Their economy is gone. They have inflation of almost 300 per cent. Their oil minister just quit. He said, 'We have no economy. We have no oil. We have nothing,'" Trump said.

Trump also highlighted that oil flows through the Strait of Hormuz have reached levels comparable to, and at times exceeding, those seen before the conflict in West Asia. "The Hormuz Strait, tremendous amounts, millions of barrels of oil, has been delivered just over the last couple of days. We're getting it through at levels that were now even and sometimes exceeding prior to the war. And we've done very well," he added.

These remarks come as reports indicate that oil exports from the Gulf have significantly recovered in recent days, despite increased attacks on ships around the Strait of Hormuz. According to Al Jazeera, Gulf oil flows excluding Iran recovered to more than 81 per cent of pre-war levels in September, with crude exports from the wider Middle East exceeding pre-war levels on 14 days during the month.

Trump's comments about Iran's oil minister followed reports that Oil Minister Mohsen Paknejad had resigned. Iranian state media Press TV reported that Hamid Bovard, the CEO of the state-run National Iranian Oil Company (NIOC), was appointed as caretaker oil minister until Parliament approves a new minister. No official reason was given for Paknejad's resignation, though local media had suggested disagreements with the Iranian president or issues related to the handling of oil traders who failed to return over USD 10 billion worth of Iranian oil exports.