Tehran is reportedly considering a new condition for oil tankers seeking passage through the Strait of Hormuz: only ships whose crude trade is conducted in Chinese yuan may be permitted to transit.
Iran, which maintains control over the strategic waterway, has warned that it would attack crude oil tankers attempting to pass without permission. With the route currently disrupted, global crude supply has been impacted.
Around 20% of the world’s energy supply moves through this sea corridor. The United Nations has cautioned that if shipping through Hormuz is affected, supply chains for essentials such as food and medicines could also face disruptions.
Meanwhile, US President Donald Trump urged the UK, France and China to send warships to seize the Strait of Hormuz. In this backdrop, an Iranian government official told a US media outlet that a limited number of crude tankers could be allowed—provided the trade is not in US dollars and is instead settled in Chinese yuan.
