March 14, 2026 | 03:17 pm
TEMPO.CO, Jakarta - Iran is considering allowing a small number of oil tankers to pass through the Strait of Hormuz on the condition that cargo is traded in Chinese yuan, a senior Iranian official told CNN on Friday, as reported by Anadolu.
The official said this potential step is part of Tehran's plan to manage the flow of oil tankers through the strategic waterway.
Most global oil is traded in US dollars, except for sanctioned Russian oil priced in rubles or yuan, CNN reported.
The media added that China has spent years trying to expand the use of the yuan in oil transactions, but the dollar remains the primary reserve currency.
Concerns about disruption in the strait, a vital route for energy supplies, have driven oil prices to their highest level since July 2022, following the start of the Russia-Ukraine conflict earlier this year, it said.
The Strait of Hormuz carries about 20 million barrels of oil per day and around 20 percent of the global liquefied natural gas trade.
The UN warned on Friday that restrictions on shipments through the strait could have a significant impact on humanitarian operations in the region.
Tehran effectively closed the Strait of Hormuz on March 1, after Israel and the US launched a joint attack on Iran on February 28, which has so far killed about 1,300 people, including the then Supreme Leader, Ayatollah Ali Khamenei. Hostilities have escalated since then.
Read: Indonesia Intensifies Talks with Iran on Safe Hormuz Ship Passage
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