Oil tanker traffic through the Strait of Hormuz has come under Iranian control since war began Feb. 28. Brent crude prices have increased nearly 40%. The U.S. dollar index has risen by 2.4% (AFP via Getty Images)Every few years, some geopolitical friction sends commentators racing to declare the end of dollar hegemony and the collapse of the petrodollar. The petrodollar, in this telling, is the linchpin supposedly keeping the architecture of dollar dominance standing. Strip away oil pricing in dollars, and the currency crumbles. Or so the story goes.
The Petrodollar Is a Sideshow. Here Is the Real Reason the U.S. Dollar Rules.
Dollar hegemony isn’t as vulnerable as some like to say, write Marc Chandler and Adam Farhat.
89 words~1 min read
