Holly Herrera
Iran oil minister resigns as crude faces mounting export pressure: the United States Oil Fund fell 1.77% to $147.37 on October 2, as US restrictions threaten Iran’s ability to sell its oil.
| Price | 147.37 USD |
|---|---|
| Day change | -2.65 (-1.77%) |
| 52-week range | 113.86 – 163.35 |
| RSI (14) | 52.39 |
| Volume | 7,777,438 |
Iran oil minister resigns as export pressure intensifies
President Masoud Pezeshkian accepted Mohsen Paknejad’s resignation on Sunday and named National Iranian Oil Company chief Hamid Bovard acting oil minister. The presidency said Paknejad had sought to leave for personal reasons long ago, but Pezeshkian had previously turned down the request.
The leadership change comes as Washington seeks to stop Iran’s remaining crude shipments. US Treasury Secretary Scott Bessent said Saturday that no Iranian oil cargoes remained at sea and that the country would receive no oil revenue that week. Iran’s central bank governor had said in August that exports had effectively fallen to zero. Paknejad, speaking shortly before his departure was announced, said money from previously sold oil was still arriving.
USO tracks a lower session, not a direct crude quote
The United States Oil Fund, an ETF proxy for oil, closed at $147.37, down 1.77% on the day. Its 52 week range was $113.86 to $163.35, and its relative strength index stood at 52.39. Those figures describe the fund, not a direct spot price for crude. The supplied market data does not identify a specific change in oil inventories or global demand, so it cannot show whether either contributed to the daily decline.
Sanctions put Iran’s production and sales in focus
Bovard takes the post with experience in oilfield operations and a record of senior roles at Iran’s state oil companies. He has led the National Iranian Oil Company since 2024, after running the National Iranian South Oil Company and Iranian Offshore Oil Company. The US Treasury sanctioned him in February 2025 for involvement in Iran’s petroleum sector, as Washington targeted the oil trade and vessels used to move crude.
His immediate challenge is to sustain production while finding buyers and transport routes for Iranian barrels. The sanctions pressure bears on supply available to the international market, though the available data does not quantify any production cut or change in inventories.
Domestic fuel strain adds to the pressure
Iran also faces a gasoline shortfall estimated at about 10 million liters a day. Tehran raised the price of fuel purchased beyond the subsidized monthly allowance last month, following shortages and queues at filling stations.
The financial backdrop is severe: the rial reached a record low of about 2.688 million to the dollar last week, while inflation exceeded 70%. That exchange rate reflects Iran’s domestic currency crisis; the supplied figures do not establish whether the US dollar strengthened broadly or explain the day’s move in the oil fund.
James Stephens
Jake Fox