Iranian oil minister quits, replaced by oil executive

Iranian President Masoud Pezeshkian initially refused to accept the resignation of the country's oil minister, Mohsen Paknejad, but Paknejad insisted on stepping down nonetheless. According to a statement from the president's office, Hamid Bovard, CEO of the National Iranian Oil Company, has been appointed as acting Minister of Oil through a decree from the president, as reported by state broadcaster IRIB.

State television aired an interview with an official from the Iranian presidential office, stating that Paknejad had offered his resignation previously due to personal issues, but the offer was initially rejected. Pezeshkian praised Paknejad's efforts and sincere service after accepting his decision to quit. The Strait of Hormuz, a critical waterway in the Middle East, has been a focal point of the ongoing conflict, as it is responsible for carrying a fifth of the world's oil and liquefied natural gas.

Iran has been blocking the passage of commercial ships, confronting vessels it deems as unauthorized crossings. In response, the United States has implemented a counterblockade of Iranian ports to prevent Tehran from exporting its oil. Earlier in the conflict, Tehran and other Iranian cities reported long lines at petrol stations as Washington sought to cripple the nation's economy.