Iran's oil minister resigns, president appoints replacement

Iran's Oil Minister Mohsen Paknejad has resigned, according to Iran's state-run Tasnim news agency. Deputy head of communications at the Iranian president's office, Mehdi Tabatabaei, confirmed that President Masoud Pezeshkian accepted Paknejad's resignation. Hamid Bovard, previously head of the state-run National Iranian Oil Company, has been appointed acting oil minister to manage the ministry's affairs.

The reason for Paknejad's resignation remains unspecified, occurring amidst stringent US sanctions targeting Iran's oil sector. US Treasury Secretary Scott Bessent reported on Saturday that Iran currently lacks any oil shipments at sea, forecasting zero oil revenue for the week. On August 25, the US Treasury Department initiated Operation Economic Outcast, a campaign aimed at completely isolating Iran from the global financial system.

The US and Israel initiated a war against Iran on February 28, which Tehran countered with missile and drone attacks across the region, effectively closing the Strait of Hormuz. The US military subsequently imposed a naval blockade on Iranian ports. Since the signing of a June framework deal, efforts to resolve the conflict have persisted, addressing navigation through the strategic waterway and Iran's nuclear program.