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Iran Considers Allowing Limited Tankers Through Strait of Hormuz With Yuan Settlement
Iran is considering allowing a limited number of tankers to pass through the Strait of Hormuz, contingent on oil cargoes being settled in Chinese yuan. This new plan aims to manage tanker traffic and challenge the current dollar-dominated international oil trade.
According to Gate News reporting on March 14, CNN cited statements from a senior Iranian official saying that Iran is considering allowing a limited number of tankers to pass through the Strait of Hormuz (a critical global oil transportation corridor), provided that the oil cargoes carried by these tankers are settled in Chinese yuan.
The source added that Iran is currently working to develop a new plan to manage tanker passage through the Strait of Hormuz, and the aforementioned potential measure is being proposed in this context. CNN noted that current international oil trade is almost entirely settled in US dollars, with the only exception being sanctioned Russian oil, whose transactions are conducted in rubles or Chinese yuan.