Iran challenges US dollar, says oil must be sold in Chinese yuan, as it targets US corporations

Iran challenges US dollar, says oil must be sold in Chinese yuan, as it targets US corporations

Author: Ben Norton March 17, 2026 Duration: 45:22
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

Trying to make sense of international headlines often feels like seeing only the ripples on the water's surface, without understanding the powerful currents moving beneath. Geopolitical Economy Report, hosted by journalist Ben Norton, dives into those deeper forces. This isn't just a recap of the day's events; it's a dedicated exploration of how economic systems, historical context, and raw power politics fundamentally shape global conflicts and alliances. Each episode builds on the work of the independent news outlet of the same name, translating its original journalism and analysis into a compelling audio format. You'll hear detailed discussions that connect financial policies to social movements, or trace the historical roots of a modern trade war, always with an eye toward understanding the larger, changing structure of the world. For anyone tired of superficial news cycles and seeking a more substantive, connected perspective on why nations and institutions act the way they do, this podcast offers a crucial and clarifying lens. Tune in for a regular dose of context that the mainstream frequently overlooks.
Author: Language: English Episodes: 50

Geopolitical Economy Report
Podcast Episodes
Iran war expands: Oil market in crisis as Yemen enters conflict [not-audio_url] [/not-audio_url]

Duration: 27:27
The US war against Iran is expanding into a larger regional conflict. After Trump sabotaged a diplomatic agreement, Tehran closed the Strait of Hormuz. Now Yemen's Ansar Allah (known commonly as the Houthis) has declared…
This country is resisting US meddling, and fighting back! [not-audio_url] [/not-audio_url]

Duration: 27:42
US global dominance is rapidly declining, as China rises. So Washington wants to forcibly impose its hegemony in Latin America, invoking the colonial Monroe Doctrine. However, people are fighting back. Nicaragua's Sandin…
Trump restarts war on Iran, but has no way out: The US lost [not-audio_url] [/not-audio_url]

Duration: 28:04
Donald Trump violated the diplomatic agreement and restarted the war, bombing Iran and re-imposing a naval blockade of the Strait of Hormuz. Ben Norton explains why the US government will fail, because it has no plan and…
Americans are NOT wealthy: The truth about the US economy [not-audio_url] [/not-audio_url]

Duration: 38:27
Many Western economists and media outlets claim that Americans are wealthier than Europeans, but this is not true; it's based on a misunderstanding of the difference between average wealth and median wealth. Ben Norton e…
He accidentally revealed the truth about the US strategy for Iran [not-audio_url] [/not-audio_url]

Duration: 28:13
What is the US strategy in its war against Iran? Is the Trump administration seriously committed to negotiations to make a deal? JD Vance accidentally exposed the USA's plan, to use the talks to buy time to refill oil re…
This scandal says everything about the West's hypocrisy [not-audio_url] [/not-audio_url]

Duration: 41:30
The US-based right-wing Chinese billionaire Miles Guo (Guo Wengui), who worked closely with Donald Trump advisor Steve Bannon, was sentenced to 30 years in prison for committing $1 billion of fraud. Ben Norton explains h…
The real reason US Big Tech corporations fear China [not-audio_url] [/not-audio_url]

Duration: 35:07
US Big Tech corporations are paying influencers to spread anti-China, pro-AI disinformation on social media. Ben Norton explains why Silicon Valley fears Chinese competition and seeks to monopolize artificial intelligenc…
Will Israel sabotage the Iran deal? Will Trump allow it? [not-audio_url] [/not-audio_url]

Duration: 19:58
The USA and Iran are holding negotiations to end the war, but Tehran condemned Washington for violating the agreement, because Israel keeps attacking Lebanon. US Vice President JD Vance appeared to criticize Israel, but…