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A senior Iranian official has stated that Iran is considering allowing a limited number of oil tankers to pass through the Strait of Hormuz, provided that the oil cargo is traded in Chinese yuan.
This potential move comes as the Islamic Republic is working on a new plan to manage the flow of oil tankers through the Strait.
Such a condition would strengthen the yuan's role as an alternative currency for energy transactions, especially in Asia. It would reduce the need for dollars in some oil markets, slightly weakening the "petrodollar," the system in which global oil is largely traded in dollars, supporting global demand for the USD.
Market anxiety about the strait, a vital artery for global energy, has pushed oil prices to their highest point since July 2022, the summer after Russia's invasion of Ukraine.
The United Nations warned on Friday that restrictions on the flow of ships through the strait will have a "tremendous impact" on humanitarian efforts as the war continues.
"When ships stop moving through that strait, the consequences spread rapidly. Food, medicine, fertilizer and other supplies become more difficult to transport and more expensive to distribute ," said Tom Fletcher, the United Nations under-secretary-general for humanitarian affairs.
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