Iran may allow oil tankers through Hormuz if paid in yuan, official says

Iran is considering allowing a limited number of oil tankers to pass through the Strait of Hormuz on the condition that the cargo is traded in Chinese yuan, a senior Iranian official told CNN on Friday, Report informs via Yeni Safak.

The official said the potential move is part of Tehran's plan to manage the flow of oil tankers through the strategic waterway, which has been effectively closed since March 1 following US-Israeli attacks on Iran.

Global oil is predominantly traded in US dollars, except for sanctioned Russian oil, which is priced in rubles or the yuan. CNN noted 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.

The yuan-for-oil proposal would represent a significant shift in energy trade dynamics if implemented.