'Hard to unseat the king': Iran's control of Hormuz may not be end of petrodollar

'Hard to unseat the king': Iran's control of Hormuz may not be end of petrodollar Submitted by Sean Mathews on Tue, 04/07/2026 - 21:15 US sanctions on Iran and Russia have reduced the dollar's chokehold on oil trade, but Gulf states are unlikely to ditch it Newly redesigned $100 notes are printed at the Bureau of Engraving and Printing in Washington, DC, on 20 May 2013 (Mark Wilson/Getty Images/AFP) Off Keeping control of the Strait of Hormuz will be easier for Iran than unseating the dollar's dominance of the global oil trade, despite Tehran’s efforts to dent the greenback’s hegemony, experts say. Iran’s control of the crucial strait has become the focal point of the war, with US President Donald Trump threatening Iran with total annihilation unless it cedes control of the “Fuckin' Strait”. Because roughly 20 percent of the world’s energy passes through the Strait of Hormuz, some experts have said that Iran’s control jeopardises the petrodollar system - in which oil is priced and sold in the dollar by Arab energy producers.