Iran Nationalization Act

The Iran Nationalization Act was a 1951 law that aimed to transfer control of Iran's oil industry from foreign companies, particularly British ones, to the Iranian government. This move was driven by national pride and desire for economic independence. The act sparked tensions with Britain, which challenged Iran's decision and led to political and economic conflicts. Ultimately, it marked a significant step toward Iran asserting control over its natural resources, impacting international relations and economic policies in the region during that period.