Iranian Oil Minister Mohsen Paknejad has resigned from his post during the eighth month of Iran's ongoing military conflict with the United States and Israel, the Office of President Masoud Pezeshkian confirmed in an official statement on Monday (October 5, 2026).
According to the presidential press bureau, Paknejad submitted his resignation on Sunday (October 4, 2026), citing personal reasons. Although President Pezeshkian initially requested Paknejad to reconsider his decision, he ultimately accepted the departure while commending Paknejad's efforts in sustaining the national energy sector under extreme external pressures. Hamid Bovard, former chief executive officer of the state-owned National Iranian Oil Company (NIOC), has been appointed as Iran's Acting Oil Minister to assume immediate leadership of the ministry.
Paknejad’s resignation comes as the Persian Gulf and the strategic Strait of Hormuz—previously accounting for one-fifth of global oil and liquefied natural gas (LNG) traffic prior to the outbreak of hostilities in late February—remain at the center of naval blockades and retaliatory strikes. While Tehran continues to restrict transit through the waterway, Washington has enforced naval blockades on Iranian ports to stifle state oil exports. Despite mounting economic strains and international reports alleging discounted credit allocations to intermediaries to bypass maritime sanctions, state media quoted Paknejad shortly before his resignation maintaining that revenues from Iranian crude sales continue to flow into national coffers.
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Reported by International Desk • Edited by the Daily Best News desk. Send corrections to [email protected].
