Iran Challenges US Dollar, Demanding Oil Be Sold in Chinese Yuan, as It Targets US Corporations

Mar 17, 2026 | 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.


INVESTOPEDIA: Yuan vs. Renminbi: What’s the Difference? »