In Strait of Hormuz, Iran and China take aim at US dollar hegemony

Iran and China are seizing the two-week pause in the US-Israel war to challenge the hegemony of the US dollar. They argue that Washington has leveraged the dollar's dominance in international trade to exert influence over its enemies, including Iran and China. Approximately 80% of transactions in the global oil market are settled in dollars, reinforcing this supremacy. Iran controls the Strait of Hormuz, through which about one-fifth of global oil and liquefied natural gas supplies pass.