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this post was submitted on 20 Apr 2026
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Closure of the Strait is costing hundreds of millions per day. They can use the Strait if they sell in Yuan, they can't use the Strait if they sell in dollars.
The petrodollar agreement between the middle east states and the US is basically a protection racket, the US "protects" them (by not doing regime change) in exchange for those states agreeing to sell their oil using dollars. This is the foundation of what made the dollar into the international reserve currency and the primary currency used for all trade, because the dollar was secured against oil, the petrodollar.
It is the backbone of the dollar's value and stability.
Slight correction. WW2 was what made the dollar into the global reserve currency. The petrodollar is what allowed the value of the dollar to remain despite them dropping the gold standard.