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Iran May Allow Oil Tankers Through Strait of Hormuz Only if Trade Is in Chinese yuan
Iran is considering controlling the movement of oil tankers through the Strait of Hormuz. This strait carries 20% of the world's oil supply. Iran may only allow tankers that trade oil in Chinese yuan.
Iran is considering a plan to manage oil tankers that pass through the Strait of Hormuz. This is one of the most important oil routes in the world.
CNN reported that Iran might allow a small number of oil tankers to pass, but only if the oil is sold in yuan. Iran is developing a plan to manage oil tankers that pass through this important route. In this route, 20% of the world’s oil is transported.
Usually, oil is sold at a price based on the US dollar. However, the only oil that is sold at a different price is the oil from Russia. Russia is under sanctions.
The Strait of Hormuz is a vital route for the world's oil supply. Market concerns about the Strait have driven oil prices to their highest level since July 2022, the time Russia invaded Ukraine.
