Iran oil minister Mohsen Paknejad resigns amid US blockade, replaced by top executive
Amid a prolonged war and a continued US naval blockade of Tehran’s petroleum shipments, Iranian Oil Minister Mohsen Paknejad has resigned from his post, state media reported. According to a statement broadcast by state media outlet IRIB, Iranian President Masoud Pezeshkian has accepted Paknejad’s resignation and appointed National Iranian Oil Company (NIOC) chief Hamid Bovard as acting oil minister.
Resigned due to personal issues
“Following the acceptance of Mohsen Paknejad’s resignation, Hamid Bovard, the CEO of the National Iranian Oil Company, has been appointed as acting Minister of Oil by a decree from the president,” said the statement carried by state broadcaster IRIB.
State television also aired an interview with a spokesperson for the Iranian presidential office, who said Paknejad had previously offered to resign “due to personal issues”. However, his initial request to step down was rejected.
Pezeshkian initially urged the minister to stay on duty, but ultimately approved the resignation after Paknejad maintained his stance. The president subsequently “commended his efforts and sincere service” following the departure.
US naval blockade
The Strait of Hormuz has emerged as a major flashpoint amid the ongoing Middle East war. Before the United States and Israel launched strikes against Iran in late February, the vital maritime corridor handled around 20 per cent of global crude oil and liquefied natural gas shipments.
In response to Tehran restricting commercial shipping traffic and firing on vessels it deemed to have made unauthorised passages, Washington imposed a counterblockade targeting Iranian ports in an effort to halt petroleum exports.
The economic pressure from US measures had earlier led to long queues outside petrol stations in Tehran and several other Iranian cities.
Cutting off Iran’s oil revenues remains a key objective of Washington’s broader economic strategy against Tehran.
The US Treasury revealed fresh sanctions on Friday aimed at Iran’s automotive and rail industries under the framework of the “Operation Economic Outcast” campaign. Treasury Secretary Scott Bessent stated that these restrictions are designed to further diminish Tehran’s financial capacity to sustain the war, noting that Washington is actively working to “drain the regime’s revenue once and for all”.
Bessent added that American pressure targets remaining streams of petroleum income, while the administration maintains that naval blockades and sanctions seek to obstruct crude sales and foreign currency access.
Meanwhile, US President Donald Trump remarked on Saturday that petroleum prices are declining and asserted that Iran has “virtually given up” ambitions for developing a nuclear weapon, as hostilities reach their eighth month.
The intense economic campaign spearheaded by the Trump administration has placed Iran’s energy sector at the heart of the war, heightening the impact of Paknejad’s departure as Tehran attempts to maintain its vital petroleum revenues.
(With ANI, AFP inputs)
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