US Strikes Iranian Missile Base Threatening Strait of Hormuz

As the US carries out airstrikes on an Iranian missile base near the Strait of Hormuz, increased volatility in international oil prices and potential changes to the energy market's foreign exchange settlement systems are being discussed. US forces dropped a 5,000-pound bunker-buster bomb, striking an Iranian naval cruise missile storage facility near the Strait of Hormuz.

This airstrike came shortly after US President Donald Trump expressed disappointment over allies' refusal to send warships. On March 14, 2026, President Trump had requested South Korea, China, Japan, the UK, and France to dispatch warships to the Strait of Hormuz, and on March 18, 2026, he mentioned on Truth Social a plan for countries utilizing the strait to bear responsibility for its security.

Iran is currently negotiating with eight countries on settling oil trade payments in Chinese yuan for transit through the Strait of Hormuz, making clear its strategy to challenge US dollar hegemony. The Speaker of the Iranian Parliament has expressed the will to continue controlling the Strait of Hormuz.

In the past two years, the proportion of dollar settlements in global crude oil trade has fallen from about 80% to 5-10%, and the trend of increasing yuan transactions suggests that expanding yuan settlements for Middle Eastern oil could impact US dollar hegemony.