UAE warns US it could sell oil in Chinese yuan if war disrupts dollar flow

The UAE has reportedly warned the US that it may have to sell some of its oil in Chinese yuan if the war with Iran causes a shortage of US dollars in the Gulf, a move that could have implications for the petrodollar system. Gulf states usually sell oil in US dollars. If a major oil producer such as the UAE starts using Chinese yuan instead, even for some sales, it would be viewed as a significant development in global energy markets and international finance. Read: UAE discusses US financial backstop as Iran war threatens deeper economic crisis Iranian attacks on the Gulf state, in response to the US and Israeli bombing of the Islamic Republic, have disrupted energy flows […]