Forget the Missiles. Iran Just Fired the Shot That Could Actually Break the West European Business Magazine Part 6 - The Longer Game It would be analytically premature to conclude that the petrodollar system is imminently at risk of collapse. The dollar remains the world’s primary reserve currency, underpinned by the depth and liquidity of US capital markets, decades of institutional trust, and the absence of any credible single alternative. China’s railway corridor bypassing Western-controlled shipping lanes adds a further dimension to the emerging parallel financial and trade architecture — one that was years in the making and is now operational precisely when it is most needed. What the Hormuz crisis does represent, however, is the most operationally specific challenge to dollar energy dominance since the system was established. Previous de-dollarisation discussions were theoretical. This one comes with a chokepoint, a shadow fleet, an operational payment system in yuan, and a...