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Iran may permit oil tankers to pass Hormuz if trade uses yuan: Report
An LPG gas tanker at anchor as traffic is down in the Strait of Hormuz, amid the U.S.-Israeli conflict with Iran, in Shinas, Oman, March 11, 2026. (Reuters Photo)
by Anadolu Agency
Mar 14, 2026 3:53 pm
Iran may allow a restricted number of oil tankers to pass through the Strait of Hormuz if shipments are traded in Chinese yuan, a senior Iranian official told CNN, according to a report Friday.
The official said the potential move is part of Tehran's plan to manage the flow of oil tankers through the strategic waterway.
Global oil is predominantly traded in U.S. dollars, except for sanctioned Russian oil, which is priced in rubles or the yuan, said CNN, adding that China has sought for years to expand the use of yuan in oil transactions, but the dollar remains the world's primary reserve currency.
Concerns about disruptions in the strait, a critical route for the world's energy supply, have pushed oil prices to their highest since July 2022, following the start of the Russian-Ukrainian conflict that began earlier that year, it said.
The Strait of Hormuz carries about 20 million barrels of oil a day and roughly 20% of the global liquefied natural gas trade.
Iran may permit oil tankers to pass Hormuz if trade uses yuan: Report
by Anadolu Agency
Mar 14, 2026 3:53 pm
Iran may allow a restricted number of oil tankers to pass through the Strait of Hormuz if shipments are traded in Chinese yuan, a senior Iranian official told CNN, according to a report Friday.
The official said the potential move is part of Tehran's plan to manage the flow of oil tankers through the strategic waterway.
Global oil is predominantly traded in U.S. dollars, except for sanctioned Russian oil, which is priced in rubles or the yuan, said CNN, adding that China has sought for years to expand the use of yuan in oil transactions, but the dollar remains the world's primary reserve currency.
Concerns about disruptions in the strait, a critical route for the world's energy supply, have pushed oil prices to their highest since July 2022, following the start of the Russian-Ukrainian conflict that began earlier that year, it said.
The Strait of Hormuz carries about 20 million barrels of oil a day and roughly 20% of the global liquefied natural gas trade.
