'Hard to unseat the king': Iran's control of Hormuz may not be end of petrodollar

Keeping control of the Strait of Hormuz will be easier for Iran than unseating the dollar's dominance of the global oil trade, despite Tehran’s efforts to dent the greenback’s hegemony, experts say.

Iran’s control of the crucial strait has become the focal point of the war, with US President Donald Trump threatening Iran with total annihilation unless it cedes control of the “Fuckin' Strait”.

Because roughly 20 percent of the world’s energy passes through the Strait of Hormuz, some experts have said that Iran’s control jeopardises the petrodollar system - in which oil is priced and sold in the dollar by Arab energy producers.

Iran has established an elaborate “toll system” to control which vessels it allows to pass through the waterway, like those of Pakistan and China, Middle East Eye previously reported. Its move to price toll payments in Chinese yuan has fuelled speculation that there could be a shift away from oil priced in dollars.

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