Big Blow to US Dollar: Iran Says Oil Must Be Sold in Chinese Yuan, as It Targets US Corporations

In response to the US-Israeli war, Iran shut down the Strait of Hormuz, the most important oil chokepoint on Earth, causing energy prices to skyrocket. However, Tehran is allowing Chinese tankers through, and says other ships can pass if they agree to sell oil in China's currency, the renminbi (aka yuan).

Iran is also targeting offices of major American corporations, and wants to force them out of the Middle East (West Asia), while trying to expel US military bases.

Ben Norton explains how this war affects the petrodollar system, and the dominance of the dollar as the global reserve currency.

Topics

0:00 Iran war causes energy crisis

0:29 Oil price skyrockets

0:56 Fears of economic crisis

2:07 Strait of Hormuz

3:21 Iran permits Chinese oil tankers

4:17 Iran: sell oil in RMB, not USD

4:43 Dollar dominance & petrodollar

6:28 Asymmetric warfare

6:59 US military bases in Middle East

7:47 Iran strikes CIA stations

8:46 Iran hits US refueling planes

9:10 US empire underestimated Iran

10:32 Iran targets US corporations

12:03 Economic warfare

13:07 CLIP Scott Bessent on Iran

14:05 New leader Mojtaba Khamenei

15:21 Iran strategy spelled out

17:08 Tehran wants revenge

18:51 Yemen, Red Sea, Bab al-Mandab

22:16 US war on Yemen in 2025

23:23 Anti-colonial wars

24:16 Trump sends more US troops

25:21 Iran's Kharg Island

26:21 Global energy crisis

27:24 Trump wants military coalition

29:02 Iran allows Chinese ships

29:59 US dollar dominance

30:37 US current account deficit

31:20 Exorbitant privilege of dollar

32:19 Dedollarization

32:52 West seized Russia's reserves

33:49 Central banks buy gold

34:16 US Treasury securities

34:47 Oil sales in dollars

36:26 Trump threatened BRICS

37:16 Iran promotes dedollarization

37:42 China & Russia de-dollarize

38:33 India

39:34 UAE

40:18 Saudi Arabia

41:04 Iran & Indonesia join BRICS

42:14 Iran proposes BRICS currency

42:31 Divisions within BRICS

43:12 Struggle against imperialism

45:12 Outro

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