In response to the US-Israeli war, Iran shut down the Strait of Hormuz, the most important oil chokepoint on Earth, causing energy prices to skyrocket. However, Tehran is allowing Chinese tankers through, and says other ships can pass if they agree to sell oil in China's currency, the renminbi (aka yuan).
Iran is also targeting offices of major American corporations, and wants to force them out of the Middle East (West Asia), while trying to expel US military bases.
Ben Norton explains how this war affects the petrodollar system, and the dominance of the dollar as the global reserve currency.
VIDEO: https://www.youtube.com/watch?v=X2zBWcGahuc
Topics
0:00 Iran war causes energy crisis
0:29 Oil price skyrockets
0:56 Fears of economic crisis
2:07 Strait of Hormuz
3:21 Iran permits Chinese oil tankers
4:17 Iran says: sell oil in RMB, not USD
4:43 Dollar dominance & petrodollar
6:28 Asymmetric warfare
6:59 US military bases in Middle East
7:47 Iran strikes CIA stations
8:46 Iran hits US refueling planes
9:10 US empire underestimated Iran
10:32 Iran targets US corporations
12:03 Economic warfare
13:07 (CLIP) Scott Bessent on sanctions
14:05 New leader Mojtaba Khamenei
15:21 Iran strategy spelled out
17:08 Tehran wants revenge
18:51 Yemen, Red Sea, Bab al-Mandab
22:16 US war on Yemen in 2025
23:23 Anti-colonial wars
24:16 Trump sends more US troops
25:21 Iran's Kharg Island
26:21 Global energy crisis
27:24 Trump wants military coalition
29:02 Iran allows Chinese ships
29:59 US dollar dominance
30:37 US current account deficit
31:20 Exorbitant privilege of dollar
32:19 Dedollarization
32:52 West seized Russia's reserves
33:49 Central banks buy gold
34:16 US Treasury securities
34:47 Oil sales in dollars
36:26 Trump threatened BRICS
37:16 Iran promotes dedollarization
37:42 China & Russia de-dollarize
38:33 India
39:34 UAE
40:18 Saudi Arabia
41:04 Iran & Indonesia join BRICS
42:14 Iran proposes BRICS currency
42:31 Divisions within BRICS
43:12 Struggle against imperialism
45:12 Outro
