The Petrodollar Is Cracking—and It’s Happening Faster Than They Predicted For decades, the petrodollar system was the backbone of U.S. global dominance. Oil was priced in dollars, nations stockpiled dollars, and Washington held the financial chokehold. That system is now visibly fracturing. India—long seen as a neutral player—is buying massive volumes of Russian oil and settling those trades in Chinese yuan and UAE dirhams. No dollar. No SWIFT middleman. Just direct settlement outside the traditional system. At the same time, Iran is pushing something even more aggressive: yuan-denominated tolls through the Strait of Hormuz—one of the most critical oil arteries on the planet. Roughly 20% of global oil flows through that chokepoint, and now they’re experimenting with cutting the dollar…
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