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The temporary cease‑fire in the US‑Israel‑Iran war has given Iran and China a strategic opening to challenge the US dollar’s supremacy in global finance. Both nations share a common objective: to reduce reliance on the greenback, especially in the oil sector where, according to a 2023 JP Morgan estimate, roughly 80% of transactions are settled in dollars. In a practical step toward this goal, Iran’s de‑facto toll‑booth system in the Strait of Hormuz—a chokepoint that handles about one‑fifth of the world’s oil and LNG shipments—has started accepting transit fees in Chinese yuan. Lloyd’s List reported that at least two vessels had already paid in yuan by March 25, and China’s Ministry of Commerce later acknowledged the reports on social media. Iran’s embassy in Zimbabwe even called for the introduction of a “petroyuan” to the global oil market, underscoring the political symbolism of the move. While Tehran pledged to guarantee safe passage for two weeks under a US‑brokered cease‑fire, Beijing declined to comment. Harvard economist Kenneth Rogoff told Al Jazeera that Iran’s actions serve a dual purpose: they “poke a thumb in the United States’s eye” and provide a practical alternative to dollar‑based sanctions. Rogoff added that Iran’s shift to yuan aligns with China’s broader effort to redenominate trade among BRICS nations. For both countries, the yuan offers a way to sidestep US sanctions and lower transaction costs. Their trade relationship, cemented by a 25‑year strategic partnership signed in 2021, sees China buying over 80% of Iran’s oil—often at discounted rates—while Iran imports Chinese machinery, electronics, chemicals, and industrial components. Data from Kpler and TankerTrackers indicate that, despite the conflict, Iran’s oil exports to China have remained near pre‑war levels, ranging between 12 million and 13.7 million barrels in the first two weeks of hostilities. China’s ambition to elevate the yuan is long‑standing. President Xi Jinping, in a 2024 address, expressed hope that the yuan would become a global reserve currency. Yet significant hurdles remain: the yuan is not freely convertible due to strict capital controls, and the Chinese financial system is perceived as opaque, limiting broader adoption. According to the IMF, the dollar still dominated global foreign‑exchange reserves at 57% last year, far ahead of the euro’s 20% and the yuan’s modest 2%. Cross‑border trade settled in yuan rose to 3.7% in 2024, up from under 1% in 2012, per S&P; Global—an encouraging but limited shift. Natixis chief economist Alicia Garcia‑Herrero cautioned that the Strait of Hormuz experiment adds only “incremental pressure” and that a true “de‑dollarisation” would require Gulf states, which have priced oil in dollars since the 1970s in exchange for US security guarantees. European analyst Hosuk Lee‑Makiyama highlighted that China’s ability to supply Iran with essential goods makes the yuan a viable alternative, a dynamic not possible for Europe or Japan. He described China as the closest the world has seen to a “manufacturing one‑stop shop.” Consultancy founder Dan Steinbock echoed that while the dollar’s supremacy is unlikely to crumble overnight, the gradual increase in yuan usage could “chip away” at US dominance in specific sectors over time. Rogoff concluded that the long‑term impact hinges on the war’s outcome. If Iran and China emerge stronger, many countries may diversify away from the dollar to avoid US‑imposed financial constraints. Conversely, a decisive US victory could reinforce dollar hegemony for the foreseeable future.

Washington, D.C. – President Donald Trump declared a two‑week ceasefire with Iran on Tuesday, just hours after threatening a massive attack on the country. The pause will allow Iran to reopen the strategic Strait of Hormuz while both sides negotiate a longer‑term settlement. Republican Senator Lindsey Graham, a noted Iran hawk, welcomed the diplomatic move but stressed extreme caution. He praised the “hard work” of negotiators but warned that any agreement must be scrutinized, noting that Iran’s 10‑point plan reportedly offers sanctions relief and permits Tehran to retain control of the strait. Graham also warned that Iran must not be rewarded for its earlier attacks on the strait, writing on X: “We must remember that the Strait of Hormuz was attacked by Iran after the start of the war, destroying freedom of navigation. Going forward, it is imperative Iran is not rewarded for this hostile act against the world.” Democratic senators, while relieved that U.S. forces would be out of immediate danger, seized the moment to demand accountability. Senator Ruben Gallego said, “Stopping war is good… we can criticize why we got into this war, the illegality of it and hold the Trump admin accountable. But right now I am relieved.” Other Democrats, including Senator Ed Markey and Congresswoman Alexandria Ocasio‑Cortez, warned that the ceasefire does not erase the fact that the conflict was launched without congressional authorization and that targeting civilian infrastructure may constitute war crimes. Ocasio‑Cortez wrote, “The President has threatened a genocide against the Iranian people… launched a massive war… without reason, rationale, nor Congressional authorization – which is as clear a violation of the Constitution as any.” Critics on the right, such as far‑right activist Laura Loomer and commentator Mark Levin, dismissed the truce as a temporary pause, predicting the war will resume. Loomer warned, “The negotiation is a negative for our country… I don’t know why people are acting like this is a win.” Levin added, “This enemy is still the enemy; they’re still surviving.” The conflict, which began on February 28 without a congressional war declaration, has already seen high‑profile strikes, including an attack that the article claims killed Iranian Supreme Leader Ayatollah Ali Khamenei and a devastating strike on a girls’ school in Minab that killed over 170 civilians, mostly children. Economically, the closure of the Strait of Hormuz earlier in the war sent oil and gas prices soaring, underscoring the strategic importance of the waterway. Senator Chris Murphy (D) warned that allowing Iran to control the strait would be a “history‑changing win” for Tehran. Across the aisle, lawmakers agree that the ceasefire is not a clean slate. Advocacy director Raed Jarrar of DAWN urged an immediate congressional investigation into the war’s origins, funding, and accountability for civilian casualties. As the two‑week pause unfolds, U.S. officials and legislators will closely monitor negotiations, with the broader debate over war powers, constitutional authority, and potential impeachment of President Trump remaining front and center in Washington.

An Iranian musician has staged a bold protest at a local power station, highlighting growing tensions between Iran and the United States under the leadership of former President Donald Trump. The protest comes amid a backdrop of heightened US-Iran relations, with Trump's administration imposing significant sanctions on Iran.The musician's actions reflect a broader discontent within Iran against US threats and policies. While details of the protest and the musician's identity remain scarce, the event underscores the complex dynamics at play in the region.This development is a testament to the ongoing challenges in US-Iran relations, with both countries navigating a delicate balance of power and diplomacy.

US President Donald Trump has reportedly agreed to pause attacks on Iran contingent upon the reopening of the Strait of Hormuz, a vital waterway for global oil shipments. The development comes amid heightened tensions between the United States and Iran.The Strait of Hormuz is a critical passage for approximately 20% of the world's oil supply, making its closure a significant concern for global energy markets. Tensions in the region have been escalating, with the US imposing sanctions on Iran and Iran responding with measures that have impacted the flow of oil through the strait.The agreement to pause attacks if the strait opens suggests a temporary de-escalation in the conflict, potentially easing concerns about global oil supply disruptions. However, the situation remains fluid, and the long-term implications of this development are yet to be seen.

Iran and the United States have agreed to a two-week ceasefire, with talks set to begin in Islamabad, Pakistan, on Friday. The ceasefire comes after US President Donald Trump said he was calling off a threat to bomb Iran's power plants and bridges and suspending attacks on the country for two weeks.The truce is contingent on Iran agreeing to the 'complete, immediate and safe opening' of the Strait of Hormuz, a critical waterway through which a fifth of global oil supply passes. Iran's partial blockade of the strait has disrupted global trade, driving up oil prices and causing fuel shortages worldwide.Iran's National Security Council has confirmed that Tehran has agreed to talks based on a 10-point proposal from Iran. The proposal calls for Iranian dominance and oversight of the Strait of Hormuz, the withdrawal of all 'US combat forces' from bases in the Middle East, and a halt to military operations against allied armed groups across the region.The proposal also demands 'full compensation' for war damages, the lifting of all sanctions by the US, the United Nations Security Council, and the International Atomic Energy Agency, and the release of frozen Iranian assets abroad.Pakistan's Prime Minister Shehbaz Sharif said the warring sides had agreed to an 'immediate ceasefire everywhere', including Lebanon and elsewhere. He extended an invitation to US and Iranian delegations to Islamabad on Friday to further negotiate a conclusive agreement.

The fragile ceasefire between Iran and Israel faced a serious crisis on Wednesday as both sides presented conflicting accounts of the agreement. The development raised concerns about the potential collapse of the truce.Israel escalated its military operations in Lebanon, launching its heaviest attack yet on over 100 targets, resulting in at least 254 fatalities. This move directly contradicts the claims of Iran and Pakistan, who brokered the 11th-hour truce and asserted that the ceasefire included Lebanon.In response, Iran halted the passage of oil tankers through the Strait of Hormuz, citing an alleged Israeli breach of the ceasefire. The Fars news agency reported that oil prices had dropped sharply below $100 a barrel following the truce announcement, leading to a global stock market surge.The White House disputed Iran's claims about the closure of the Strait of Hormuz, calling the reports 'false' and stating that US President Donald Trump expected it to reopen 'immediately, quickly and safely.' The US signaled its continued adherence to the ceasefire, even as it threatened to unravel.Iran and the US have different interpretations of the agreement. Trump conveyed a version suggesting a 15-point proposal from the US, which included no enrichment of uranium and the destruction of Iran's highly enriched uranium stockpile. In contrast, Iran's 10-point plan, which Trump initially referred to as a 'workable basis for negotiation,' included the right to enrich uranium and the full lifting of sanctions.The US and Iran are set to engage in talks in Islamabad, Pakistan, this weekend, with a US negotiating team led by Vice-President JD Vance. The talks aim to cement the ceasefire into a more durable peace agreement, but significant gaps remain to be bridged.The situation in the Gulf remains fragile, with the US and Israel claiming to have destroyed Iran's industrial base and significant military assets. Iran, on the other hand, portrays the truce as a victory, with senior politician Ali Akbar Velayati stating that 'America was forced to accept a ceasefire.'

The recent escalation between the US and Iran has brought the world to the edge of a potentially devastating conflict. US President Donald Trump's threat to attack Iran if it didn't reopen the Strait of Hormuz sparked a global outcry and raised concerns of a wider conflict.Trump's public threat to commit genocide sent shockwaves through the United States, with over 70 Democratic members of Congress calling for his removal from office. The Iranian government and people were also shocked, with thousands forming human chains around bridges and power stations that Trump might strike.Faced with the prospect of a catastrophic war, Trump chose to back away from his threat and instead claimed that he had granted Pakistan's request for a two-week ceasefire. However, the Iranian foreign minister tweeted that Trump had agreed to accept Tehran's 10-point plan as a general framework for negotiations.The chasm between the two sides remains vast, with major differences on issues such as sanctions relief and Iran's ballistic missile stocks. A mega-deal remains the only path to averting a return to full-scale war, but it will require compromises and adept diplomacy from both sides.If there's no firm deal, the conflict will almost certainly reignite. The US and Iran have agreed to a temporary ceasefire, but Iran still controls the Strait of Hormuz and retains the military muscle to spark a worldwide recession.

The US and Iran have agreed to a two-week ceasefire, with Tehran temporarily reopening the Strait of Hormuz. Israel has also agreed to the ceasefire. The plan, submitted via Pakistani intermediaries, includes 10 key demands, such as:The lifting of all primary and secondary sanctions on Iran.Continued Iranian control over the Strait of Hormuz.US military withdrawal from the Middle East.An end to attacks on Iran and its allies.The release of frozen Iranian assets.A UN security council resolution making any deal binding.The Iranian foreign minister stated that safe passage through the strait would be allowed under Iranian military management, with Iran and Oman charging fees on ships transiting through the strait. The US has yet to publicly state if it will attend negotiations in Islamabad on Friday.Key concerns include Iran's control over the Strait of Hormuz, which could have significant implications for global oil supplies and regional stability. The US is unlikely to agree to Iran's maximalist demands, but they may form the basis for talks.The ceasefire comes as Trump's approval ratings have hit their lowest level ever, with sizeable majorities of Americans opposed to the war and frustrated by the rising cost of petrol.

Iran has put forth a 10-point peace plan aimed at ending the ongoing conflict with the United States and Israel. The plan, conveyed through Pakistan, includes key elements such as an end to hostilities in the region, a protocol for safe passage through the Strait of Hormuz, and the lifting of sanctions imposed on Iran.US President Donald Trump described the Iranian proposal as a 'significant step' but emphasized that it was 'not good enough'. He warned that if Iran does not agree to a deal, it will face severe consequences, including the destruction of its bridges and power plants. 'If they don't make a deal, they will have no bridges and no power plants,' Trump stated.The conflict, now in its second month, has led to a significant escalation of violence, with 1.2 million Lebanese people displaced due to Israeli attacks. Iran's top university and a major petrochemical plant were hit on Monday, following Trump's threat to target power plants and bridges unless Tehran agrees to end the war and open the Strait of Hormuz, a critical passage through which 20 percent of the world's oil and gas supplies pass.Human rights organizations and members of the US Congress have criticized Trump for threatening to attack civilian targets, which is considered a war crime. The situation remains dire as the deadline set by Trump for Iran to open the Strait of Hormuz approaches, with Tehran rejecting the ultimatum and threatening to retaliate.