Commercial oil was first discovered in Iran in 1908 at Masjed Soleyman, marking the beginning of the modern petroleum industry in the Middle East. The discovery led to the formation of the Anglo-Persian Oil Company, a major forerunner to BP, and established oil as the central pillar of Iran's economy and geopolitical significance.
Throughout the 20th century, control over Iran's oil resources was a source of intense international rivalry and domestic political conflict, notably culminating in the 1953 coup which overthrew Prime Minister Mohammad Mosaddegh after he nationalized the industry. The 1979 Islamic Revolution further transformed the nation's relationship with its oil wealth and the West.
Today, Iran holds the world's fourth-largest proven oil reserves. However, its energy sector and broader economy remain severely constrained by international sanctions, primarily related to its nuclear program and regional activities. The geopolitical landscape involving Iran, including relations with the United States, continues to be volatile and is a defining feature of global energy security discussions.
