Iran appoints new oil minister

Iranian Oil Minister Mohsen Paknejad has resigned amid disruptions to the country’s oil exports due to US sanctions. He has been replaced by Hamid Bovard, the head of the National Iranian Oil Company.

According to a statement from the Iranian president’s office, President Masoud Pezeshkian appointed Bovard as acting oil minister after accepting Paknejad’s resignation.

An official said Paknejad had submitted his resignation earlier citing personal reasons, but the president had initially asked him to remain in office. Paknejad later insisted on resigning, prompting Pezeshkian to accept his decision.

The development comes amid heightened tensions over the Strait of Hormuz, a key route for global oil and LNG shipments. Iran has restricted commercial shipping through the waterway, while the US has imposed countermeasures targeting Iranian ports and oil exports.

Earlier in the conflict, US economic pressure also led to long queues at petrol stations in Tehran and other Iranian cities.

-AJM