Iran Oil Minister Resigns Amid War with US and Economic Pressures

Iran's Oil Minister Mohsen Paknejad has resigned amid growing pressure on the country's economy due to its prolonged war with the US. The resignation comes as Iran's vital oil industry faces uncertainty around exports and government revenues.

Paknejad had served as oil minister since August 2024, but his departure will now be overseen by Hamid Bovard, chief executive of the National Iranian Oil Company (NIOC), who has been appointed acting oil minister.

The change in leadership comes as Iran's economy struggles to cope with inflation above 70% and a currency that has lost more than half its value over the past year. The rial hit a record low on Saturday, trading at around 2.688 million to the US dollar.