Iran's oil minister resigns amid economic pressures from US war

Iran's Oil Minister Mohsen Paknejad has stepped down from his position, citing personal reasons. The resignation was accepted by President Masoud Pezeshkian, following Paknejad's insistence. Hamid Bovard, the CEO of the National Iranian Oil Company, has been appointed as the acting oil minister.

Paknejad had served as Iran's oil minister since August 2024. His resignation comes amid ongoing economic pressures on Iran due to the seven-month-old war between Iran and the US. Prior to his resignation, Paknejad reassured that oil revenues were still being received and would continue.

Mehdi Tabatabaei, communications deputy in the president's office, confirmed that Paknejad had resigned 'a long time ago' but the acceptance was formalized recently. The transition of power to Bovard was announced on Sunday by state media.