Iran may allow tankers through Strait of Hormuz: Condition named
Oil tanker (Photo: Getty Images)
Tehran has allowed a limited number of oil tankers to pass through the Strait of Hormuz, provided that the trade is conducted in Chinese yuan, reports CNN.
Iran is considering allowing a limited number of oil tankers to pass through the Strait of Hormuz if cargo is traded in Chinese yuan. This was reported by a high-ranking Iranian official to CNN.
According to the source, this potential step comes as the Islamic Republic is working on a new plan to manage the flow of oil tankers through the strait.
It is reported that international oil trade is conducted almost entirely in dollars, except for Russian oil, which is subject to sanctions and traded in rubles or yuan.
Over the past few years, China has been promoting its services by purchasing oil in yuan, particularly from Saudi Arabia. However, the dollar remains the global reserve currency, and the yuan is not widely accepted on the world market.
Blockade of the Strait of Hormuz
As is known, shortly after the start of the war in Iran, the latter blocked the passage of oil tankers through the Strait of Hormuz.
As a result of the oil shortage, the US partially lifted sanctions on Russia in the oil sector, ostensibly to stabilize the market.
The rise in oil prices helped Moscow earn a significant amount of money, which the Kremlin will undoubtedly direct towards strengthening military needs and, consequently, against Ukraine.
