Iran is reportedly considering allowing some oil tankers to pass through the Strait of Hormuz, with the condition that the oil shipment must be settled in Chinese Yuan.

BlockBeats News, March 14th, CNN cited a senior Iranian official as saying that Iran is considering allowing a limited number of oil tankers to pass through the Strait of Hormuz, with the condition that the oil cargo carried by these tankers must be settled in Chinese 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 above potential measure is proposed in this context. CNN stated that the current international oil trade is almost entirely settled in US dollars, with the only exception being sanctioned Russian oil, which trades in Rubles or Chinese Yuan. (FX678)