US-Israel-Iran War Latest Live News: Iran Oil Minister Mohsen Paknejad Resigns Amid US Blockade Pressure on Tehran’s Oil Exports, Hamid Bovard Named Acting Minister – Check Iran’s Oil Revenues

US-Israel-Iran War Latest Live News: Iran’s oil sector has entered a new phase of uncertainty after oil Minister Mohsen Paknejad resigned on Sunday, October 4, with President Masoud Pezeshkian accepting his departure and appointing National Iranian Oil Company Chief Hamid Bovard as acting minister.

The leadership change comes as Tehran faces severe pressure on oil exports, government revenues and its currency during the prolonged Iran-US war.

Paknejad, who has served as oil minister since August 2024, said his resignation was driven by personal reasons. Iranian presidential officials said he had offered to leave earlier but that Pezeshkian had initially asked him to remain in office. The president later accepted the resignation after Paknejad insisted on stepping down.

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US-Israel-Iran War Latest Live News: Iran Oil Minister Mohsen Paknejad Resigns

Iranian Oil Minister Mohsen Paknejad has resigned from his post, with President Masoud Pezeshkian accepting his departure and appointing Hamid Bovard, chief executive of the state-owned National Iranian Oil Company, as acting oil minister.

Paknejad, who had held the position since August 2024, cited personal reasons for his decision, according to Iranian state media. His resignation comes as Iran’s oil industry faces intense pressure from the ongoing conflict with the United States and disruptions to crude exports.

US-Israel-Iran War Latest Live News: Hamid Bovard Appointed Acting Oil Minister

Pezeshkian has now handed temporary control of the oil ministry to Bovard, who heads the state-owned National Iranian Oil Company.

Iranian state media reported that Mehdi Tabatabaei, communications deputy in the president’s office, announced the appointment after the resignation was accepted.

“With acceptance of Mohsen Paknejad’s resignation by Dr. Pezeshkian, Hamid Bovard has been appointed as ⁠acting oil minister”, Tabatabaei said earlier on Sunday, according to state media.

Bovard takes charge at a critical moment for Iran’s energy industry. The ministry is responsible for managing one of the country’s most important sources of government income while US restrictions and the conflict have sharply complicated oil exports.