Iranian Media: Oil Minister Resigns

Iran's presidency announced the acceptance of the oil minister's resignation on Sunday, as the country witnesses long waiting lines at gas stations following the tightening of US economic sanctions in the context of war.

A statement carried by Iranian state television read, "After accepting the resignation of Mohsen Paknejad, Hamid Bord was appointed acting oil minister pursuant to a decree issued by President" Masoud Pezeshkian.

The information provided did not include details regarding the reasons for the resignation.

Paknejad had assumed the oil portfolio in August 2024, within the government of President Masoud Pezeshkian.

This resignation comes at a time when Iran faces restrictions on its oil exports due to the US naval blockade, while other countries in the region attempt to maintain the flow of their shipments via alternative routes.

The Wall Street Journal reported on Tuesday that Iran's ability to export its oil through the Strait of Hormuz has declined since the reimposition of the US blockade last July.

According to the newspaper, declining oil revenues are putting pressure on Tehran, at a time when alternative shipping routes have become an important factor for the continuation of other countries' exports, despite their high cost and surrounding risks.

On Saturday, US Treasury Secretary Scott Bessent said that Iran would not have any oil shipments at sea this week, nor generate revenue from them, under what he described as an "unprecedented" US economic isolation.