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Chris Ogden, Associate Professor in Global Studies, University of Auckland, Waipapa Taumata Rau

Iran wants oil tariffs paid in Chinese yuan – is the power of the US petrodollar in decline?

United States Iran Oil China OPEC the Strait of Hormuz Hormuz The United States

Fadel Senna /AFP via Getty Images

After weeks of blockades by Iran and the United States in the Strait of Hormuz, it’s clear the narrow waterway is now pivotal to the outcome of the conflict.

The US has begun to escort ships through the narrow passage, but behind the military manoeuvring lies a deeper development: energy security in the Persian Gulf is in a state of profound flux.

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