The Petrodollar Still Holds Strong, But Iran’s Moves Raise Questions

Iran keeps control of the Strait of Hormuz and lets a few ships pass for payment in yuan or crypto. The U. S. Navy plans to clear mines there, showing the route is still a point of tension. The U. S. dollar remains the main currency for buying oil worldwide, and analysts say that gives it a big advantage. Some experts think the dollar could weaken if Iran pushes for payments in other currencies, but they say this is unlikely to happen soon.The Gulf Cooperation Council (GCC) countries are likely to stay close to Washington because China is seen as closer to Iran. A “petroyuan” or a euro‑based oil payment system is considered far off by most strategists. Even if the dollar’s role in oil trade drops a bit, other factors keep it dominant: deep financial markets, easy money flow across borders, and the fact that many countries already use it. Because of these network effects, most people keep using the dollar simply because everyone else does.