Iran’s grip on the Strait of Hormuz is tightening, and a new wrinkle has emerged: reports suggest Tehran is allowing yuan-based conditions for oil shipments seeking safe passage.
Reports of Yuan Oil Payments to Iran Are Surfacing At the same time, Iran insists it has not fully closed the strait, but is restricting access by barring vessels tied to what it calls “enemy” nations, including the United States, Israel, and their allies.
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US Oil on Hyperliquid as of Sunday, March 22, 2026. FAQ ️️ Why is the Strait of Hormuz important to global oil markets? It handles roughly 20% of the world’s oil and LNG flows, making it a critical energy chokepoint. Are countries really paying for oil in yuan through Hormuz? Reports suggest some nations are exploring or are currently using yuan-based payments for safe passage and crude purchases. How is Iran controlling access to the Strait of Hormuz? Iran says it is restricting vessels tied to “enemy” nations while allowing selective transit. Why are oil prices rising amid Hormuz tensions? Supply risks and shipping disruptions are pushing crude prices higher, with oil recently hitting $122 per barrel. 
