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Iran may permit oil tankers to pass Hormuz if trade uses yuan: Report
Iran aims to reduce US dollar reliance by requiring oil tanker payments in Chinese yuan to regulate Strait of Hormuz traffic, which carries about 20 million barrels daily.
- On Friday, a senior Iranian official told CNN that Iran is considering allowing a "limited number" of oil tankers to transit the Strait of Hormuz if cargoes are paid in Chinese currency.
- Following joint United States and Israel attacks on February 28 that killed around 1,300 people, the Strait of Hormuz has remained effectively closed since March 1.
- Oil prices have risen above $119 per barrel, while the United Nations warned Friday that shipping restrictions could have a "massive impact" on humanitarian operations and food security.
- Chinese observers expressed caution about the proposal, citing operational feasibility and security risks, even as select Indian tankers Pushpak and Parimal successfully transited the waterway.
- The proposal reflects Tehran's strategy to strengthen economic ties with China while reducing reliance on the United States dollar, potentially marking a significant shift in global energy trade dynamics.
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Iran is considering allowing oil tankers to pass through the Strait of Hormuz in exchange for payment in Chinese yuan. A senior Iranian official hinted at the possibility of permitting a limited number of oil tankers to pass through the vital Strait of Hormuz, provided that the oil shipments are paid for in Chinese yuan.
·Amman, Jordan
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Cryptocurrency News | Cryptocurrency Prices | Market CapIran may allow oil tankers through Strait of Hormuz trading in Chinese yuan
·London, United Kingdom
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Coverage Details
Total News Sources40
Leaning Left4Leaning Right10Center2Last UpdatedBias Distribution62% Right
Bias Distribution
- 62% of the sources lean Right
62% Right
L 25%
13%
R 62%
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