Iran Oil Minister Resigns as US Blockade Pressures Exports

Iran’s oil minister, Mohsen Paknejad, has resigned.

President Masoud Pezeshkian accepted his resignation and appointed Hamid Bovard as acting oil minister.

Bovard previously led Iran’s National Iranian Oil Company.

A presidential office official said Paknejad had first offered to leave for personal reasons, but was asked to stay.

The official said Paknejad later insisted on resigning.

The change comes as the United States blocks Iranian ports and Iran restricts commercial shipping through the Strait of Hormuz.

Before US and Israeli strikes on Iran in late February, about one-fifth of the world’s oil and liquefied natural gas shipments passed through the strait.

Paknejad said revenues from oil already sold were still arriving.

One article also cited a separate report alleging that some oil cargoes were allocated to four indebted trustees at steep discounts.