Iran is reportedly considering a new condition for oil tankers passing through the strategically vital Strait of Hormuz. According to a CNN report citing a senior Iranian official, Tehran may allow a limited number of tankers to transit the waterway only if the oil cargo or transactions are conducted in Chinese yuan. The move is part of a broader plan Iran is developing to manage tanker traffic in the strait.

The official indicated that while the global oil market remains dominated by the US dollar, Iran is signaling its intent to challenge that dominance. This approach aligns with recent trends where Russia, under Western sanctions, has increasingly sold oil in rubles or yuan. By following a similar path, Iran aims to support Beijing’s efforts to expand the international role of the Chinese currency in global energy trade.

If implemented, the policy could further shift parts of the global oil trade away from dollar dependence, reinforcing China’s influence in energy markets.