DID Press: Al Jazeera reports that recent tensions between the U.S., Israel, and Iran have destabilized global markets, creating an opportunity for Tehran and Beijing to highlight their shared challenge to dollar supremacy.
Washington has long leveraged the dollar—used in roughly 80% of global oil transactions—for geopolitical pressure. In this context, Iran’s control over the Strait of Hormuz, through which one-fifth of the world’s oil and gas passes, has gained strategic importance.
Reports indicate that some commercial vessels are paying passage fees in China’s yuan, bypassing U.S. dollar sanctions while strengthening the yuan’s role in energy trade. This aligns with the 25-year strategic partnership framework between Iran and China, facilitating smoother bilateral transactions.
While the dollar remains the dominant global currency, gradual adoption of the yuan—especially in energy markets—could significantly reduce Washington’s ability to control global trade flows.