Iran is reportedly considering allowing some oil tankers to pass through the Strait of Hormuz, provided that the oil shipments are settled in yuan.

PANews reported on March 14th, citing Guancha.cn, that CNN, citing a senior Iranian official, stated that Iran is considering allowing a limited number of oil tankers to pass through the Strait of Hormuz, provided that the oil cargoes carried by these tankers are settled in yuan. The source added that Iran is currently working on a new plan to manage the passage of oil tankers through the Strait of Hormuz, and the aforementioned potential move is being considered within this context. CNN noted that current international oil trade is almost entirely settled in US dollars, with the sole exception of sanctioned Russian oil, which is traded in rubles or yuan.