Iran is allowing the passage of ships through the Strait of Hormuz if oil payments are made in yuan, according to media reports.
Iran is allowing the passage of ships through the Strait of Hormuz if oil payments are made in yuan, according to media reports.
This ensures that the US cannot abandon the war. The Petroyuan would be the end of US power. If they don’t plan on starting an invasion they will have to close the strait. Fortunately Iran promised to do it if they bomb power plants.
Or is it not the end and the Petroyuen is no threat?
This isn’t the 1980s.
Yes, the Petrodollar is an important part of American hegemony, but it’s not load-bearing like it once was. It’s role in propping up the dollar has been replaced by the globalized financial markets.
So yeah, it would not be good for American power, but it would not cripple it by any stretch.
This is less than 10% of global oil and I don’t see the rest of the world joining in. People love to announce the end of the dollar’s reserve status but we are nowhere near it yet.
True but these things usually obey the rule of: “first gradually, then suddenly”
And I wouldn’t be surprised if many others are just waiting for the initial spark.