The Anglo-Iranian Oil Company (AIOC) was established in 1908 as a British company to exploit oil resources in Iran. It played a significant role in the development of the Iranian oil industry and became one of the largest oil companies in the world during the early 20th century. The company was later nationalized in 1951, leading to a major political crisis in Iran. In 1954, the AIOC was restructured and renamed the British Petroleum Company (BP) after a consortium was formed to manage Iranian oil resources. The nationalization and subsequent events highlighted the complexities of foreign involvement in Iran's oil sector and had lasting impacts on international relations in the region.